Property developer Stockland has splashed more than $60 million on a townhouse development site at Braybrook.

The 11.5 hectare site, bordered by Beachley Street and the railway line, is zoned as residential and comes with an approved development permit for the construction of more than 400 mostly two-storey townhouses.

Stockland paid $62 million for the site and intends to target the sale of the townhouses to first home buyers in a new project dubbed ‘Orion‘.

A development plan was approved for the site in 2013, after the land was rezoned from industrial to residential in 2012.

The site was formerly home to the Tottenham Bulk Stores.

Planning approval for the site requires heritage elements of the former stores to be incorporated into the redevelopment.

An artist's impression of Stockland's proposed Braybrook townhouse development.

An artist’s impression of Stockland’s proposed Braybrook townhouse development.

Ben Cantwell, Stockland’s general manager of medium density and completed homes, said a high level of interest is expected in the new development.

“We’re planning to create a vibrant, new community, which will offer a variety of townhouses to suit different types of buyers.”

Stockland managing director Mark Steinert said the development intends to meet Maribyrnong Council’s five per cent affordable housing target.

“We recognise that new townhouses will play an increasingly important role in the gentrification and densification of Australia’s major cities, as we provide more affordable and convenient homes in key locations.”

Townhouses are expected to become available by 2019.