Rapidly expanding Melbourne-based developer, ID_Land has added a further $40million+ to its fast-growing portfolio, acquiring a 1.4-hectare site in Hadfield, near Pasco Vale, with a permit for 64 townhomes.
The acquisition comes as ID_Land recently celebrated its first award at the Urban Development Institute of Australia’s (UDIA) Awards for Excellence, with its recently completed Brunswick development, ‘The Barkly’ taking out the award for best medium density development at both a state and national level.
The acquisition is the third of its kind for the developer in the past 12 months, following its other recent medium density acquisitions in Pascoe Vale and Port Melbourne last year, where it will develop a combined 140 townhomes as ID_Land looks to further bolster its landholdings in the townhome market.
With a combined pipeline of over 4,000 residential product across both land and medium density housing worth over $1billion once complete, ID_Land said medium density would remain a strong component of its portfolio for many years to come.
Our medium density business model aims to seek out boutique infill sites that are close to existing infrastructure and transport, in established areas that have a thriving residential culture.
This model perfectly complements our land model which targets sites that are located in strategic greenfields growth corridors where extensive amenity is planned.
As the median metropolitan Melbourne house price edges towards $1million, for many Victorians, luxury-appointed townhomes are a viable alternative that allow them the opportunity to remain in the suburbs where they grew up or where their children go to school, where traditional homes prices might be out of reach, said Matthew Belford, joint managing director of ID_Land
With Victoria’s strong economic outlook and even stronger population growth, we don’t see this trend towards townhome living dissipating anytime soon, so we are actively seeking to develop between 100 – 200 townhomes per annum in order to meet this demand,” said Jeffrey Garvey, joint managing director of ID_Land.
ID_Land boasts a development portfolio of a combined $1b, which includes the $300m, Elements master-planned community in Truganina, the $120m, 550+-lot Amber project in Wollert, and the $100m, 550-lot Watermark project in Armstrong Creek in Geelong.
The sale was managed by CBRE’s Julian White, David Minty and Josh Rutman.