Prominent Melbourne residential developer ID_Land has abandoned plans to develop a 132 hectare landholding in Melbourne’s west and will instead seek to flip the site for about $70 million.
The listing comes amid huge demand for residential land in the west with Central Equity recently paying almost $1 million a hectare for a 105-hectare land holding and ASX-listed PEET paying $90 million for a 123-hectare partially developed estate in the key growth corridor.
ID_land contracted to buy the Plumpton site in two parcels from local landowners in 2009 and 2014 and has yet to settle on the transaction which was acquired on deferred terms.
The site on Taylors Road near Caroline Springs sits within the Kororoit precinct structure plan, the rezoning masterplan allowing residential development, and due to be approved by the Victorian government this year.
ID_Land co-founder Matt Belford said the developer was looking to re-weight its pipeline to focus on more medium-density townhouse projects.
Currently 80 per cent of ID_Land projects are house-and-land with the developer undertaking two joint ventures with Folkestone and one with Geelong fruit and veg king Frank Costa. Its $800 million pipeline comprises more than 4000 lots.