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|Stockland Acquires Residential Development Site in Rockhampton|
Stockland today announced it had acquired a 278 ha residential development site in Rockhampton, Queensland, for $10 million on deferred payment terms.
Subject to planning approvals, the site will yield over 1,900 residential housing lots and will eventually become home to around 5,000 people. This site could also include a retirement village, retail centre, schools, community facilities and a small mixed-business precinct.
Located eight kilometres north of the Rockhampton CBD and six kilometres north of the recently redeveloped Stockland Rockhampton shopping centre, the first settlements are expected from FY14/15.
Stockland General Manager Residential Queensland, Kingsley Andrew, said: “This transaction is a key example of our commitment to Regional Queensland and our focus on diversifying our operations in key growth corridors across the country.
“This new land parcel will complement our existing shopping centre in Rockhampton and allow us to leverage synergies with our Retirement Living and Retail businesses, in line with our 3-R growth strategy.
“Greater Rockhampton is a growing regional hub and we look forward to working closely with Rockhampton Regional Council to create a sustainable and vibrant mixed-use community, where infrastructure leads growth and there is also a focus on local job creation,” Mr Andrew said.
The property was purchased via a public offer campaign run by Knight Frank.
This is the fourth residential land acquisition Stockland has made in FY11 to date, bringing its newly acquired residential lots to over 7,600 nationally with a total end value of over $3 billion.