Leading Melbourne-based developer, ID_Land has announced its latest acquisition in the form of a strategic 1.42ha site in Yarraville that will yield approximately 100 townhomes and add in excess of $100m to the developer’s portfolio once complete.
The site, bought for approximately $20m, is located 6km west of Melbourne’s CBD and is the latest in a string of strategic acquisitions for the developer. Now with a pipeline of over 600 townhomes throughout Melbourne and Geelong, ID_Land boasts a pipeline of over $1.3billion across its greenfield and medium density holdings.
ID_Land joint managing director Jeff Garvey said redevelopment sites of this scale in established areas like Yarraville so close to the CBD are perfectly suited to our townhome strategy.
The developer has timed the acquisition with its entry into the housing construction market, recently announcing the launch of ‘Shape Homes’.
Shape Homes will offer both traditional home designs and medium density product, servicing the developer’s own land and infill holdings – including its new Yarraville site – in metropolitan Melbourne and Geelong, as well as other developer projects across Melbourne’s in-fill sites and growth corridors to deliver market-leading detached homes and medium density solutions.
Mr Garvey said “ We are excited to announce the launch of Shape Homes and look forward to combining expertise in construction with our development experience to offer a unique perspective on the wholesale builder market.
“ With projects like our latest acquisition in Yarraville, which has a current median house price of over $1m, we can design a product that will deliver a superior outcome at an attainable price point for the growing number of residents that are calling the area home.
Shape Homes will strive to provide high levels of service and quality to all developers across the built-form space, working with them from planning through to delivery.
ID_Land joint managing director Matthew Belford said “founding Shape Homes will allow us to diversify our revenue streams while complementing our existing land strategy and continuing to expand our growing medium density arm.”