Diversified developer ID Land has achieved a major milestone across its medium-density portfolio, selling out all 122 townhomes at Port Lane in Port Melbourne in just six months.
The project has generated $150 million in sales since its launch in February, 2021.
The strong response to Port Lane, a spokesperson said, reflected the confidence ID Land continued to have in medium density. It follows the previous success of its now sold-out Yarraville Place, which launched in late-2019, and its recent foray into apartments with Canvas, Brunswick which has recently commenced construction.
Buyers have been motivated by the opportunity to be closer to the inner city, with the proximity to amenities, and competitive pricing compared to established housing, further driving a surge in interest, the spokesperson said.
Medium density now comprises 30 per cent of ID Land’s $3-billion portfolio, with the developer continuing to seek acquisitions to further grow this part of its business.
To be built by Shape Homes, the homebuilding arm of ID CORP, the construction of 122 Rothelowman and Hecker Guthrie designed townhomes at Port Lane is to commence in 2022, following in the footsteps of the company’s work on 98 architecturally designed dwellings currently under construction at Yarraville Place.
ID CORP is the newly launched corporate brand that oversees ID Land, Shape Homes and fund manager Title Capital.
This over-arching entity signifies the company’s evolution into a diversified property group with interest spanning development, construction and funds management nationally.
Port Lane is designed by award-winning architecture practice Rothelowman and renowned interior designer Hecker Guthrie, both of whom ID Land has collaborated with on a number of its recent developments.
Port Lane’s location within Fisherman’s Bend—an area the Victorian government tips to reach a population of 80,000 by 2050—has influenced its popularity, which has primarily come from surrounding Melbourne suburbs such as Port Melbourne, South Melbourne, Albert Park, and Docklands.
The success of ID Land’s medium-density projects has underpinned other recent acquisitions; the company purchased a medium-density townhome site in South Morang from Melbourne Water in April 2021, as well as five greenfield sites so far this year, totalling more than $625 million in value across over 1200 residential lots, in Armstrong Creek and Gisborne.
ID Land’s joint managing director Matthew Belford believes the medium-density market will continue to soar as buyers continue to resonate with the lifestyle benefits of living closer to the city’s inner- and middle-ring suburbs; their accessibility to amenities, proximity to essential services, education, public transport, and employment opportunities.
“What we’ve been seeing, particularly in the last 18 months, is a shift in buyer priorities, with more younger families and upgraders seeking out high-quality inner-city stock, that provides ample living space as well as access to essential amenities within only few kilometres of the CBD,” he said.
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