Melbourne developer to enter land lease community sector
Key points
BuildCap moves into land lease with Gippsland project
- New entrant: BuildCap targets $12B land lease sector
- First project: 171-home community planned in Morwell
- Pricing strategy: Home prices expected around $400,000
- Pipeline growth: Additional site flagged in Warrnambool
Melbourne-based developer BuildCap, with a portfolio of $300 million currently under management and extensive property experience, has plans to be a player in the $12 billion sector.
BuildCap is currently selling residential estate Heritage Place in Morwell, Gippsland, in the state’s southeast. After extensive research, the business has decided to build a 171-home land lease community Heritage Living designed by VIA Architects on an adjacent 7 hectares.
“Listening is a key part of that process, with future residents helping guide how the community takes shape,” said Julian Hawkins, Acquisition and Capital Manager at BuildCap.
“It (the land lease community) is pretty desired in the area. We have tested the market and found the community is knowledgeable about land lease living.
“We are about to advance a planning application with Latrobe City Council in a couple of weeks. We think we will pitch the homes at around $400,000 and there will be a clubhouse with amenities.”
He said the business had plans for more land lease communities.
“We have a site in Warrnambool where we are thinking seriously about a land lease community integrated into the proposed residential estate,” he added.
