Land lease community operator Lincoln Place, founded in 2019 by Ben Hindmarsh and Nicholas Collishaw, has added another major project to its pipeline, acquiring a 16.3-hectare greenfield site in Wangaratta, 98km from Shepparton, Victoria.
The land, which already has planning approval for a $120 million, 227-home community, is close to quality health services, retail and dining amenities. It follows Lincoln Place’s June acquisition of a 10.2-hectare site at Eagle Point in Victoria’s Gippsland Lakes region – both part of an accelerating national rollout.
“More than 3,000 Australians already call a Lincoln Place community home and that number is set to almost double to 6,000 in the next five years as we move into the next phase of our growth,” said CEO Paul Yeo. “This has been fuelled by over $44 million in development acquisitions in the past nine months.”
Nicholas Collishaw told The Weekly SOURCE in July 2023 that he expected Lincoln Place to become one of Australia’s top three land lease operators. The latest data from Chadwick Property Valuers shows the company is already the fourth-fastest-growing operator since June 2022.
The new secure, gated community in Wangaratta will deliver fresh housing supply with a focus on lifestyle and amenity. Plans include a resort-style clubhouse, heated pool, theatrette, lawn bowls, pickleball courts, wellness centre, and community garden.
“There is substantial demand for quality downsizing options in Wangaratta, with over 55s accounting for 40% of the local population – much higher than the regional Victorian average of 30.7%,” Paul said.
“Delivering purpose-built, masterplanned communities for this sizeable demographic – that emphasise lifestyle and greater access to capital gain opportunities – is long overdue.”
Backed by New York-based private equity giant Cerberus Capital Management, Lincoln Place is reportedly weighing an equity offer or potential ASX float as it continues to scale its portfolio nationwide.
