ASX-listed developer, Villa World have secured a 42ha landholding in Melbourne's South-East growth corridor for $33 million.
The site, located in Clyde on Pattersons Road is 55 kilometres from the Melbourne CBD and is expected to yield more than 400 residential housing lots.
The acquisition comes three years after its last purchase in 2014 of a 270-hectare site in Donnybrook for $22.8 million via a joint venture partnership with CVC Limited.
Villa World whom specialise in affordable, first-homeowner and mid-range housing developments commended the strength of the Melbourne market and welcomed the recent State Government housing affordability changes which aim to cut taxes and free up land for development.
Villa World managing director Craig Treasure said “We have been looking to grow our five to six-year pipeline of projects in Victoria, specifically in the South-East corridor because of the proximity to transport, excellent education facilities and attractive retail precincts."
“The Clyde purchase is in line with our strategy of growing through disciplined and targeted acquisitions", Mr Treasure said.
“This acquisition will deliver a timely replenishment of land-only stock in one of Victoria’s best-performing growth corridors as we move towards completion of our strong selling Cardinia Views project at Pakenham.”
Villa World have recently issued full-year profit guidance of $37.5m.