ASX-listed residential developer Stockland have secured a permit approved 11.5 hectare development site located at Beachley Street, Braybrook.
The site was purchased for $62 million and comes with plans and permits for 422 townhouses.
The project, which will commence marketing in mid 2017 and construction next year will be targeting first home buyers with price points in the low to mid $5000000's for a three-bedroom townhouse, two living spaces and two-car garage.
Stockland, whom have a major focus on delivering affordable family housing will now add the 422 townhouses to it future pipeline of over 2000 townhouses.
The deal was struck by leading real estate firm, Melbourne Acquisitions in an off-market capacity.