With 21 operating over 55s land lease communities, new CEO Paul Yeo tells us they will sell about 150 homes this year and double it in the coming year.
This means Lincoln Place is catching up with Ingenia Lifestyle (176 home settlements 1H24) and Stockland (3Q24 net sales of 104 homes).
“We are building off and on site, with our own construction business in Victoria. We are getting the homes built in 16 to 20 weeks’ time,” said Paul.
“We have our communities in NSW, Victoria and one in Queensland and it is the East Coast where we want to be.
“All our projects have come online in the past 12 months.”
He said Lincoln Place, founded by Ben Hindmarsh and Nicholas Collishaw, was beginning to attract a younger clientele with interested buyers 55 to 65. The average age of a current resident is above 65 years.
Its largest village will be Kangeroo Flat Lifestyle Village, formerly Aviva Bendigo, with a total of 370+ homes, but the average size of its sites is around 150 to 200 homes.
Planning is the biggest limitation on its expansion and Paul criticised the time it takes to get a development approved.
“We are looking at development opportunities and we have a good pipeline,” he said.
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The future of land lease communities under the microscope at the Westpac Conversations at the Wharf
