Land lease operator Ingenia Communities can start work on its 25ha portion in the southern end of the former Morisset Golf Club after Lake Macquarie Council approved five of six planning applications for a $235 million project including a water park, hotel, tourist park, hotel, cafes and Ingenia’s over-55’s lifestyle residential village on the site.
Ingenia Communities paid $30 million, in a deal negotiated by leading health and retirement living property agent, Shane Nicholson’s Commercial Collective, for the site from Newcastle property developer Winarch Capital in August last year.
It has DA approval for 427 land lease homes and Ingenia Communities CEO Simon Owen said construction of the over 55’s housing development was likely to start by April next year, with completion expected early 2023.
“This will be the largest project we have ever undertaken in NSW and probably the largest land lease community that we’re aware of in the state,” Mr Owen said.
The entire development will be named Cedar Mill Lake Macquarie. Winarch Capital had sought to split and develop the site into four precincts consisting of family and community space; a cultural, arts and events space, tourism accommodation, and lifestyle living.
The events space, which includes an amphitheatre with capacity to host 30,000 people, takes up 40% of the entire site.
“We got approval for all but one – the development application for the live music event venue – because we need to do further studies, but we expect it to be approved as soon as we’ve done what’s required,” said Winarch Capital Managing Director Paul Lambess, who wants to open the development in September next year.