Ingenia adds another land lease community project to its Victorian push

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Ingenia has exchanged a conditional contract for the acquisition of a 10-hectare greenfield development site, 40km north of Melbourne. It adds to its single operating community under the Ingenia banner plus one in development in Ballarat, plus the three it acquired in the Eighth Gate deal last year.

The site is adjacent to a golf course and has the opportunity to develop up to 230 new homes.

CEO Simon Owen last year raised $130 million to pursue acquisitions and new development sites. This is the fourth purchase.

“We are continuing to progress current pipeline acquisitions and, as anticipated, are increasingly engaged on new opportunities,” he said.

They are also pushing hard on sales, stating “year to date, a total of 266 new homes have settled, with a further 37 homes booked to settle before 30 June 2020. Pricing and margins remain consistent with the prior period and the Group has 175 deposits and contracts in place, providing a solid pipeline for FY21. The business is continuing to deliver stable rental cash flows from our portfolio of land lease communities.”

They are offering up to a two-year freeze on weekly site fees. See below.