Stockland Sells Melbourne Apartments Development Site

Stockland today announced it had sold its St Kilda Road apartments development site in Melbourne for $27.5 million. The site, which has planning approval for 258 apartments, was sold in two separate transactions to private developers, subject to a two-lot plan subdivision and the completion of heritage restoration works.

Lot 1 comprises approximately 9,000 square metres and Lot 2 includes the existing Belgian Beer Café, which was sold to the operator.

Stockland CEO Residential, Mark Hunter, said he was pleased with the outcome. "This sale is in line with our strategy to progressively sell our vacant apartments development sites, while continuing to complete apartments projects already underway.

"We are focused on recycling capital into our Residential Communities business to boost our market share in key growth corridors, such as our recent purchases at Truganina in the City of Wyndham and Epping in the City of Whittlesea, Victoria.

"We will only consider future apartments developments as part of mixed-use projects which play to our diversified asset class capabilities," Mr Hunter said. Stockland acquired the St Kilda Road site in January 2008 for $28.3 million.

Visit us at: www.stockland.com.au

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