Cashed-up developer nets two Geelong sites in $40m swoop
A multibillion-dollar developer has secured two parcels of land near Geelong in a combined off-market deal believed to be worth $40 million.
Melbourne-based developer ID_Land secured the two adjoining sites, totalling 37 hectares in Armstrong Creek, as it looks to expand its impressive regional portfolio and capitalise on increasing buyer demand.
The impact of COVID-19 and favourable conditions have underpinned a growth in confidence of regional markets, with this move expected to add $135 million and 500 greenfield lots to ID_Land’s pipeline.
Joint managing directors Matthew Belford and Jeffrey Garvey are hopeful that ID_Land’s latest move will complement the group’s other built-form projects, which include Canvas in Brunswick.
“Armstrong Creek is an area we have great confidence in,” Matthew says. “It’s an infrastructure-rich location that benefits from a well thought-out precinct structure plan, continued investment from private enterprises and government, and the economic tailwinds created by its forecasted population growth.”
He went on to say that the successful performance of the group’s regional portfolio throughout 2020 drove the team to acquire the sites, with regional holdings now making up 30 per cent of ID_Land’s total portfolio.
Throughout 2020, regional projects have consistently outperformed other growth corridors, and we’re predicting strong demand to continue over the coming years
ID_Land Joint Managing Director Matthew Belford
“Strong sales across our regional portfolio is reinforcing our team’s belief that regional markets are undergoing a generational shift; the trend towards regional living continues to grow, particularly in the wake of COVID-19, and the rethink in lifestyle priorities it has elicited among buyers,” Matthew explains.
