Ingenia Communities has purchased an over 55’s lifestyle community on the Sunshine Coast as part of a multi-property $65.9 million deal.
In a statement released to the ASX Ingenia Communities announced the acquisition of the Nature’s Edge retirement village on the Sunshine Coast, which encompasses The Village Forest Glen, comprising 51 permanent homes, and the Forest Glen Holiday Resort, which currently forms part of the approved 68-home expansion to Nature’s Edge.
Nature’s Edge currently consists of 181 low rise dwellings at the foot of the Buderim Hills but the 68-home extension is planned with the complete project expected to consist of 300 dwellings.
The site is located on 19 landscaped hectares near Maroochydore.
Further amenity is planned through the development of the Forest Glen Shopping Precinct which will include more than 15,00sqm of mixed retail, commercial and industrial space.
New homes in the last three stages are expected to sell for an average of $600,000, with current resales ranging from $550,000 to over $700,000.
On completion of the acquisition, works will commence to develop the remaining 68 approved homes.
Development of those homes is expected to begin in FY22 with first settlements expected in the second half of 2022.
“With available approved development and a significant rental stream already in place, this well capitalised community is an excellent addition to the lifestyle portfolio,” Ingenia Communities Group CEO, Simon Owen said.
The sale also included the purchase of the BIG4 Townsville Woodlands holiday park.