‘Capital Follows Confidence’: ID_Corp Backs SA with Debut Land Deal

It didn’t happen overnight. ID_Land’s strategic move into South Australia has been at least two years in the making, according to parent company ID_Corp managing director Matthew Belford. But the group has nabbed its first site, a 500-lot parcel neighbouring Walker Corporation’s community at Riverlea Park, 38km north of the Adelaide CBD. “We started shopping probably a couple of years before we actually purchased something,” Belford told The Urban Developer . “We’ve got this one [site] now and a long acquisition list we’re working through—we’ll absolutely invest more capital in South Australia.” Confidence in South Australian market Belford says the fundamentals are there for a strong housing uplift to the north of Adelaide, where the South Australian government has committed to significant infrastructure investment. “South Australia has that growth opportunity—Queensland and Victoria are more mature, but SA is opening up,” he says. “Capital goes where there’s confidence. You have to acknowledge the South Australian government and their approach to unlocking supply and committing to infrastructure. Those northern areas where they’ve committed to major infrastructure investment—that’s the catalyst. ▲ Housing development has ramped up in South Australia as vacancy rates remain tight and the cheaper cost of land and construction lures developers. “Infrastructure is hand in glove with everything we do now. There has to be a pathway to infrastructure solutions for us to invest capital.” Belford says planning and delivery of infrastructure are key indicators that ID_Corp follows closely as areas to invest in. “Timing is key—if you get caught with infrastructure delays or promises that aren’t delivered, that’s where things unravel,” he says. “If states take action to address infrastructure in certain locations, the investment will follow.” Local team cements SA strategy The decision to establish a local team ahead of acquiring land had been central to the group’s expansion strategy, allowing it to build relationships and gain a detailed understanding of the state’s planning environment. Belford said it was an important expansion into a new market, modelled on the group’s move into Queensland, where it now has more than 5000 lots in the pipeline. ▲ ID Land entered the Queensland market with its $70-million purchase of the remainder of a site at Walloon, a strategy that it is replicating in SA. The greenfield developer has reworked how it looks at all of its acquisitions as it beefs up its presence in the over-50s residential living asset class with its Land Lease Communities brand Next Living. “Now when we look at a land subdivision site, we also consider it through a land lease lens ,” Belford says. “Most sites of this scale and above now, we would expect to have some land lease capacity within the project.” But there is another lens they’re also starting to apply to their greenfield sites. One site, three options Late last year, Belford told The Urban Developer that ID_Corp was looking at an approach for horizontal build-to-rent. “It’s still an absolute focus for us. We’re talking to capital about it. We absolutely want to be at the front end of that,” he said. “When we buy sites now, we’re thinking land sale, land lease—and over time, a single-family rental opportunity. Affordability means there’s going to be a larger rental pool over time—that’s coming. “The supply-demand equation isn’t going away—population growth is still there and we’re still not building enough homes. The principle is that if institutional capital comes into our housing space, more houses will be built—that’s the end game.” ID_Corp’s national development pipeline now straddles Victoria, Queensland and South Australia and is worth about $5 billion. Belford said they were also looking to expand into the NSW market.

‘Capital Follows Confidence’: ID_Corp Backs SA with Debut Land Deal

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