Love Ageing

Ingenia adds 200+ homes to its development pipeline: FY19 settlement target on track

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The land lease operator has announced development approval for a 200-home lifestyle community in Queensland’s Hervey Bay and an increase from 229 homes to 270 homes at its Latitude One community in NSW’s Nelson Bay.

The approvals put Ingenia on its way to meeting its FY19 settlement target.

The 10-ha Hervey Bay site was purchased for the bargain price of $1.8 million – representing an acquisition cost of just $10,000 per home site – and will join their existing Hervey Bay lifestyle community.

Interest in Latitude One has also been positive, with 80 per cent of the homes released contracted at an average price of over $450,000 – a considerable figure for a land lease community.

Ingenia has also filed an application with the Land and Environment Court regarding its existing Avina community in Vineyard, 50km west of the Sydney CBD.

The development had been knocked back by the Sydney West Planning panel back in October, but the land adjacent to the site has now been rezoned by the NSW Department of Planning.

This rezoning will add 2,300 new homes and new infrastructure directly across the road from the existing community centre at Avina – making the need for affordable seniors’ housing more desirable to town planners.

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