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Stockland acquires Hunter site
Released 18 March 2011



Stockland has acquired a 40 hectare residential development site in Maitland, NSW from the Terrace Tower Group for a total of $22 million.   

The acquisition is in line with Stockland’s intention to increase its presence in the NSW residential market and is the first land acquisition the Group has made in NSW since 2007.

Located 29 kilometres north-west of Newcastle in Woodbury Park, Aberglasslyn, the site is situated in the Hunter corridor, directly adjacent to Stockland’s McKeachie’s Run residential community.

Stockland CEO Residential Mark Hunter said: “This acquisition represents a significant investment in the future of the NSW residential market and, in particular, the growing Hunter corridor.“
 
Hunter said the location of the site complements Stockland’s current residential communities in the area, McKeachie’s Run and Darcy’s Peak, and will cement its strong position in this growth corridor.

“We will continue to work closely with the Maitland City Council and the local Maitland community to deliver a sustainable masterplanned community,” Hunter said.

The property is already zoned for residential development and has an approved planning permit for around 344 housing lots, bringing the total balance yield at McKeachie’s Run to over 800 lots. The first settlements are expected to occur in FY13.