- The three land parcels were acquired for a total of $140M
- The largest acquisition ever made by the company
- Demand for new homes by first home buyers expected to remain strong
Developer ID_Land has today announced the acquisition of three land parcels in Clyde for $140 million – the largest ever made by the company.
The announcement now takes the developer’s pipeline to over $3.5 billion. ID_The 59-hectare site will consist of around 1,200 greenfield lots, advancing the developer’s lots pipeline to over 6,000.
The site covers part of the extensive 1,099-hectare Clyde South Precinct Structure Plan (PSP) which will see a range of new residential lots, retail, schools and the potential railway station in Clyde.
This will be the first time ID_Land has operated in the south eastern growth corridor since two projects in Officer where were completed in 2017.
The purchase reflects the growing ID_Corp group of companies which include ID_Land, Sharpe Homes and fund manager Title Capital, which was established in mid-2021.
2021 a “milestone” for the developer
Last year, the company acquired sites in Gisborne and Geelong along with their first interstate acquisition in Walloon, Queensland.
Matthew Belford and Jeffrey Garvey, ID_Land’s joint managing directors, said the acquisition represents a strong addition to the company’s existing portfolio, which is anchoring long-term growth across development, home building and funds management.
“2021 was a year full of milestones for the team, with five parcels of land acquired both in Victoria and interstate, alongside the announcement of our expansion into funds management with Title Capital,” said Mr Belford.
“We’re proud to kick-start this year with our largest acquisition to date, strengthening our foothold in the Victorian market.
“It’s no secret that we’ve seen a significant shift in buyer priorities over the last two years, with more younger buyers capitalising on the economic tailwinds for FHBs to secure their first home – we are expecting this activity to remain relatively strong, underpinned by the affordable nature of the growth area land and inner-city townhouses.”
Matthew Belford, ID_Land
Mr Garvey noted that with increased government investment across transport, education and infrastructure across Clyde, they expect demand to remain high.
“Looking to Melbourne’s southeast, we see a similar opportunity to that of regional Victoria,” he said.
“The Clyde South precinct structure plan underpins the confidence we have always had in the area, and we are looking forward to once again delivering high-quality residential stock to this growing locale.”
“In-line with our previous large-scale acquisitions, Clyde will foster the continued expansion and growth of each of the ID_Corp companies, leading to further development, homebuilding and investment opportunities as part of our long-term strategy.”
Jeffrey Garvey, ID_Land
Similar to the Walloon acquisition, the site allows Title Capital investors to co-invest in the portfolio.
“ Our long-term strategy for ID_Corp will see us continuing to invest in Australia’s best performing and fastest growing regions, and delivering affordable supply to where the market needs it most,” said Mr Belford.
Biggin & Scott Land’s Andrew Egan and Frank Nagale managed the sale.
