Stockland (ASX:SGP) says it has secured a $4 billion site in Melbourne, representing the property group's largest ever individual land deal.
Stockland says it will deliver a community development on the 1,121 hectare Lockerbie site, which rests to the north of Melbourne.
The project is expected to provide 30,000 homes in addition to a regional shopping centre and schools, including around 11,500 residential lots and an 85 hectare city centre.
The land is expected to be brought to market over the next 30 years, with the first settlements due to occur in late 2014 or early 2015.
The transaction takes Stockland's total number of lots secured in Victoria to over 17,700 in the 2010-11 financial year, with total value of around $6 billion.
Stockland reported a net profit of $478 million in the 2010 financial year.
SGP Price at posting:
$3.69 Sentiment: None Disclosure: Held
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