With a history in and out of land lease and retirement villages, Perth’s Aspen group is settling down to emphasise land lease and tourism parks.
It now proposes to develop the remaining land of the village Wodonga Gardens Retirement Estate in West Wodonga, Victoria, into a land lease community model.
“We believe it is a more attractive ownership structure for our customers,” said the company, who bought the retirement estate from Gannon Lifestyle Communities.
172 dwellings built with a releasing value of $15.3 million ($300,000 per home). It also includes a community building and caravan storage area.
Over the next 18-24 months, they expect to invest about $25 million throughout its portfolio. It announced an operating profit of $9 million, up 36%.