Gateway declares net profit of $20.6M – on target for 7% growth

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Australia’s largest land lease developer has had a solid start to the year, settling 119 new homes with 142 settlements as of 22 February 2018.

Gateway CEO Trent Ottawa says they are now on track for around 250 settlements for FY18 and over 6,600 long-term sites occupied across its communities.

The operator also boosted its annualised long-term rental revenue to $51 million, with revenue up 12.8% to $30.8 million in 1H17.

The increase will be welcome as Gateway continues its expansion. As we covered here last month, they are aiming for a portfolio of 10,000 home sites.