Stockland snaps up Hope Island site from administrators

Australia’s largest residential developer, Stockland, is planning an $80 million medium-density development on Gold Coast’s Hope Island after snapping up a key waterfront site there from administrators of the failed company Fish Developments for $13.5 million.

The 3.3-hectare site at 2-44 Marina Quays Boulevard is Stockland’s first standalone medium-density acquisition in Queensland and will add to its growing pipeline of more than 2500 ”townhomes” within its residential communities across Australia.

Stockland’s general manager of medium density, Ben Cantwell, said the company was in the early stages of planning for up to 100 new homes that would be pitched to investors as well as the first-homeowner market.

“This acquisition aligns with our strategy to diversify and broaden the reach of our residential business through medium-density development,” Mr Cantwell said.

“We have noticed the price points of what people are able and can afford to buy and that gives us confidence,” Mr Cantwell said. “The supply in the broader region is also being absorbed.”

The number of loans to owner occupiers constructing or buying new homes increased in several states over the year to May 2017. Queensland showed the strongest growth – up 10.8 per cent – according to the Australian Bureau of Statistics.

Stockland plans to develop a diverse range of townhomes that will appeal to those looking to upgrade or downsize, as well as first-home buyers. About half the townhomes in the new community will have water frontage and all residents will have access to a shared pool and cabana.

Over the past 12 months, Stockland has begun construction on more than 600 townhomes in Brisbane, Sydney, Melbourne and Perth.

It said it had identified a future pipeline of standalone sites such as the one at Hope Island.

MATTHEW CRANSTON | FINANCIAL REVIEW | July 19, 2017

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