ID_Land has taken its Armstrong Creek development pipeline to over $400 million, showing the diversified developer’s confidence in its regional portfolio.
The adjoining parcels in the Geelong suburb will add 500 greenfield lots and $135 million to the pipeline. They were acquired for $40 million in an off-market deal managed by Zaynoun Melhem and Luke Kelly of RPM Real Estate.
Activity in regional property markets were supported by the shift in work-from-home habits, affordability, growing focus on lifestyle amenity, and government stimulus such as the Homebuilder grant.
ID_Land’s joint managing directors, Matthew Belford and Jeffrey Garvey said regional projects – such as its existing Armstrong Creek projects, Watermark and Glenlee –consistently outperformed other growth corridors in 2020, and are predicting strong demand to continue over the coming years.
“Strong sales across our regional portfolio is reinforcing our team’s belief that regional markets are undergoing a generational shift; the trend towards regional living continues to grow, particularly in the wake of COVID-19 and the rethink in lifestyle priorities it has elicited among buyers,” Belford said.
“Armstrong Creek is an area we have great confidence in, it is an infrastructure-rich location that benefit from a well thought-out precinct structure plan, continued investment from private enterprises and government, and the economic tailwinds created by its forecasted population growth.”
Regional holdings make up about 30% of the group’s portfolio, including $250 million across the 615-lot Willow in Gisborne, and over 1,000 lots at Watermark and Glenlee.
Planning is underway for The Reserve, with the project slated to hit the market in early 2021.
Belford said the group is also seeing sustained demand for medium and high-density living in the inner ring of metropolitan Melbourne. ID_Land spent launched the Yarraville Place townhouse project in Melbourne’s west in 2019, and Canvas in Brunswick in October, marking its first foray into the apartment sector.