In a bid to boost its footprint in the NSW residential property market, Stockland has acquired a 40 hectare development site in Maitland.
The new Maitland residential development site, purchased from the Terrace Tower Group for a total of $22 million, is the first land acquisition Stockland has made in NSW since 2007.
Located 29 kilometres north-west of Newcastle in Woodbury Park, the development has an approved planning permit for around 344 housing lots, with settlements expected to occur in 2013.
“The location of the site complements our current residential communities in the area, McKeachie’s Run and Darcy’s Peak, and will cement our strong position in this growth corridor for many years to come,” Stockland’s residential chief executive officer Mark Hunter said.
“We will continue to work closely with the Maitland City Council and the local Maitland community to deliver a sustainable master-planned community.”