Leading Melbourne developer ID_Land has acquired a 64 dwelling permitted townhouse site in Hadfield with an end project value of $40 million.
The site, located on Walter Street boast a large allotment of 1.4-hectares and is ID_Land's third development site acquisition in the last 12 months, following its other recent medium density acquisitions in Pascoe Vale and Port Melbourne last year.
ID_Land led by Jeff Garvey and Matthew Belford, said medium density would remain a strong component of its portfolio for many years to come with a pipeline of over 4,000 residential dwellings with an end value of over $1billion. The firm has partnered up with ASX-listed developer Folkestone on a number of land projects.
The latest acquisition in Hadfield was negotiated by CBRE's Julian White, David Minty and Josh Rutman and attracted significant enquiry levels on the DevelopmentReady property portal. In fact, the site was the third highest ranking campaign for the platform in the month of March.
"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," Mr Matthew Belford said."
As the median metropolitan Melbourne house price edges towards $1 million, 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," he added.
To find out more about this property, visit: https://www.developmentready.com.au/properties/2-6...