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Stockland acquires Qld development site
Published 4:01 PM, 3 Jun 2010 Last update 10:32 PM, 3 Jun 2010
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By a staff reporter, with AAP
Australia's second biggest real estate company, Stockland Group Ltd, has acquired a new residential development site in Queensland for $23.5 million, from private vendors.
The property group has purchased "Ridge", a 54 hectare residential land parcel in Holmview Queensland located 35 kilometres south of the Brisbane CBD and two kilometres north of Stockland’s current land holdings at Bahrs Scrub.
Settlement on the land purchase will occur in the 2010 financial year, and profit contribution is expected to commence in 2012.
Stockland said that the project will have an end value of about $210 million and should provide a range of "affordable housing solutions".
It has about 530 residential lots.
Stockland's residential chief executive Mark Hunter, said that the acquisition would provide a good boost to the company’s Queensland residential business and further exposure to the "Greater Brisbane South" growth corridor.
"This transaction is a key example of our commitment to increase our market share in key corridors across the country, in line with our growth strategy for the Residential business," Mr Hunter said.Settlement will occur by the end of 2009/10 and profit contribution will start in the 2012 financial year.
It's the sixth residential land acquisition in 2009/10, with the number of lots bought during the year coming to 5,280 at a cost of $274 million.
Stockland now has about 1,600 development lots in the Greater Brisbane South corridor, with the addition of the new lots to its holding at Bahrs Scrub.
Stockland gained five cents, or 1.29 per cent, to close at $3.92.
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