The ASX-listed Chinese property developer Boyuan Holdings has taken its first foray into Land Lease Communities (LLC’s) after acquiring NSW lifestyle community group Broadland Gardens for $63M.
The deal includes Broadland’s two existing communities at Tamworth and Green Point near Gosford in NSW, which have a combined 330 occupied homes and 280 homes sites; plus a DA-approved brownfield site with existing infrastructure and a DA-approved greenfields site in Muswellbrook and Harrington with another 360 sites between them.
Listed on the ASX last November, Boyuan is currently developing residential sites at Pokolbin and Austral, NSW and a residential/commercial site at Marsden Park, NSW, but Broadlands will be their first lifestyle community investment.
It won’t be their last however. Boyuan has also announced they will partner with Land Lease Lifestyle Communities – a new group led by developers and former retirement village operators – to expand the Broadlands brand and “identify, acquire and operate new communities” on the East Coast.
Founders John Virgona, Dean Walker and Rod Harvey (ex-Glen Group) (pictured left to right) are veterans of the retirement living sector, having developed, owned and operated over 3,000 units across over 15 villages.
They will be in charge of the community and site acquisition as well as securing approvals; design, development and construction; sales and marketing; and village management.
All of Land Lease Lifestyle Communities’ principals have considerable experience in the sector.
Managing Director John Virgona began the Broadlands brand back in 1987 with a 350-site lifestyle community in Erina, NSW, before starting Broadview Homes and Australian Manufactured Estates in the early 90’s and building the Media village for the Sydney Olympics in 2000. Since selling Broadview Homes in 2005, he has continued to invest in lifestyle communities around NSW.
Director Dean Walker is an architect who has been designing and developing LLC’s as well as expanding existing villages for over 20 years. In 2012, he co-founded Urban Dwell which manufactures high-quality prefabricated housing as well as focusing on the design and development of new villages.
They have also been joined by Consultant Rod Harvey, who was the principal in several successful developments in Gosford NSW in the late 80’s including the well-known Tarragal Glen Retirement Village at Erina on the NSW Central Coast.
This success of this development led to three other retirement villages under the Glen Group of which Rod was the chairman and majority shareholder, eventually steering the group through its growth to its sale in 2006 for over $200M. He also continues to invest in the sector.
Boyuan’s Chief Financial Officer Ian Clark told us they are delighted to be partnering with people of this calibre and reputation to spearhead their investment. The question is now – what will they do next?