Stockland plots apartments after buying Brunswick site
The country’s largest residential developer Stockland has forged into Melbourne’s apartment market with the acquisition of a $15 million site in Brunswick.
The Mark Steinert-led group flagged its intention to build 150 apartments and townhomes on the 4023sqm Albert Street site, adding to its high-rise pipeline that includes sites in Sydney’s Parramatta and Rosebery.
Stockland chief executive of communities Andrew Whitson says the purchase aligns with the company’s “strategic priorities”, which included built-form residential projects in major cities.
“Brunswick is forecast to be undersupplied over the next five years and this project will help us deliver new homes in a desirable, inner-city location as Melbourne continues to grow,” he says.
“It will also broaden our customer reach in an established, growing market.
“We’ve taken a disciplined approach to growing our apartments business, focusing on opportunities in locations with strong customer demand.
“We have a clear strategy to leverage our capabilities and diversified business model to create assets to drive security-holder returns, and this project extends our strong communities brand into a deep, established market.”
This article originally appeared on www.theaustralian.com.au/property.