7 December 2010 – Stockland has flagged that Lockerbie, its new $4 billion estate in Melbourne’s north, announced today will be a sustainable masterplanned community.

The land is at Kalkallo, 35 kilometres north of the Melbourne CBD and five kilometres from Stockland’s mixed-use community, Highlands.

The company said that the project would eventually house 30,000  people on a 1121  hectare land parcel, that was included in part of the recent urban boundary extension.

The estate would contain 11,500 residential lots, plus an 85 hectare city centre including provision for a large regional shopping centre, neighbourhood centres and retirement living, as well as schools, healthcare, childcare and other community facilities.

Stockland said the private vendor agreed to a “highly capital efficient structure based upon a 31 year call option structure which allows Stockland to acquire the property in a number of staged parcels on largely deferred payment terms.

“Subject to planning approvals, 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.”