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Rhett Burnie
KALKALLO, at present little more than a service station, a pub and an old church, will be transformed into outer Melbourne’s largest urban development after Australian property giant Stockland announced that it has secured a 1121-hectare property that will eventually be home to 30,000 people.
Stockland purchased the Lockerbie estate, which is currently used for sheep grazing and was one of Australia’s premier merino studs, for $300 million.
The proposed master plan for the new suburb includes 11,500 residential lots as well as an 85-hectare city centre that will house a regional shopping centre, schools, health and child care facilities and a retirement village.
The Lockerbie development is Stockland’s largest ever individual land transaction and will have a total end land value of around $4 billion.
According to Stockland, the vendors, believed to be two sisters who inherited the property from their late father, have agreed to the a 31-year call option structure that will allow Stockland to acquire the property in a number of staged parcels on largely deferred payment terms.
If planning permits are approved, the first stage of the development should see land on the market in late 2014 or early 2015.
Stockland expects that the development will take 31 years to complete.
Lockerbie was included in the urban growth boundary extension in 2008.
The multi-million dollar site fronts the Hume Highway and the Sydney to Melbourne rail line.
It will span across the local government areas of Mitchell, Whittlesea and Hume.
Chief executive officer for Stockland Residential, Mark Hunter, said the company would develop a community, not just a housing estate.
“The Victorian market remains a key focus for us and this acquisition is a clear fit with our three ‘R’ growth strategy: Residential Communities, Retirement Living and Retail development.
He said the company’s nearby Highlands community was already booming, and he expected Lockerbie to do the same.
“Lockerbie will benefit from its close proximity to our already thriving mixed-use community at Highlands which includes schools, childcare facilities, a shopping centre and a new retirement village.
“The location of the site provides an ideal template for the delivery of a sustainable, new community and will secure our position in this key growth corridor for many years to come.
“The deferred payment terms are in line with our focus on efficient use of capital and we’ve secured an exclusive option to acquire and develop each stage of the project according to market demand.
“We will continue to work closely with all levels of government and the local Craigieburn community to deliver a sustainable master planned community, where infrastructure leads growth and the emphasis is on local job creation,” Mr Hunter said.
This transaction brings the total number of lots Stockland has secured in Victoria to over 17,700 with an end value of around $6 billion.
