Australand ups pressure with $65m land purchase

Australand has lifted pressure on suitor Stockland after buying a land parcel in Melbourne’s Burwood for $65m.

Takeover target Australand Property Group has lifted pressure on its suitor Stockland after buying a massive land parcel in the Melbourne suburb of Burwood that can accommodate a $650 million mixed-use project.

Australand snapped up the former quarry from US group Reading International for $65 million, and is well placed to pursue plans for office towers, shopping centres and about 1000 homes.

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