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Property group Stockland (ASX:SGP) has grown its presence in New South Wales with a $22 million purchase of a residential development site in Maitland.
The 40 hectare site, purchased from the Terrace Tower Group, is located in the Hunter corridor and nearby Stockland’s McKeachie’s Run residential community.
Stockland's CEO Residential Mark Hunter says the acquisition complements the group’s residential communities, and is geared toward cementing Stockland’s position in the area.
The property is already zoned for residential development and has an approved planning permit for around 344 lots, with the first settlements expected to occur in 2013.
In the six months to 31 December 2010 Stockland almost doubled its first-half profit, rising 99 per cent to $425 million.
News: Stockland expands into NSW with $22M site
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