ASX-listed Ingenia Communities has secured its fourth land lease community site with its Development Joint Venture partner New York Stock Exchange-listed Sun Communities. The DA approved greenfield site for a 230-home LLC is in Nambour on Queensland’s Sunshine Coast.
The $15.5 million purchase is Ingenia Communities’ second project with Sun Communities in Queensland. The 13.5ha land parcel is located approximately 110Km from Brisbane’s CBD and is within close proximity to Ingenia’s Nature’s Edge Buderim LLC. Home construction is expected to start in early 2023 with the first settlements anticipated in FY24.
Simon Owen, Ingenia Communities CEO, said the Joint Venture pipeline has over 850 approved development sites across four projects. Another four projects are optioned or under conditional contract, subject to development approval.
Rental village purchase
In addition, Ingenia Communities announced it had paid $10 million for Protea Village, a 60-unit seniors rental facility, at Carrum Downs, 36km south-east of Melbourne’s CBD, as part of its Ingenia Gardens rental village portfolio.
“We are pleased to have secured the opportunity to expand our Ingenia Gardens business which provides stable, government backed rental cash flows. Over the last 18 months we have seen occupancy increase across this portfolio, demonstrating the resilience of cash flows from this business.”
The acquisition is anticipated to deliver a stabilised yield of over 9% once the community is leased up to 96% occupancy, consistent with the balance of the Ingenia Gardens portfolio.
