Stockland to Develop Waterway Downs
Stockland which is Australia’s biggest residential developer has purchased a Coomera riverfront site for $40 million. The property will be acquired from a private vendor on capital-efficient terms with deferred payments evenly distributed over a four year period.
The 116ha allotment on the Coomera River will yield 747 homes in a mix of detached houses and town houses. As a part of the deal two islands in the Coomera River — the 10.1ha Foxwell Island and 8.1ha Thomson Island.
The primary development site will enable Stockland to increase its presence in the high growth Gold Coast north corridor. It will also enable Stockland to maintain sales volumes after the completion and trade out of other nearby Stockland communities: The Observatory at Reedy Creek; Highland Reserve at Upper Coomera, and Ormeau Ridge over the next few years. Stockland expects to achieve the first settlements from Waterway Downs in FY18.
