The Ingenia ‘machine’ rumbles on with the land lease operator announcing the acquisition of a 16.2ha greenfield development site at Bargara, 13km east of Bundaberg, and the sale of its last remaining DMF village in Gladstone, Queensland.
The group also acquired a portfolio of five established coastal holiday parks in NSW, QLD and Victoria, with 844 cabins, increasing its total holiday park portfolio by 20%.
The whole deal is worth circa $40 million in total, bringing Ingenia’s total acquisitions for the year to date to over $220 million including the Nature’s Edge lifestyle community at Buderim on the Sunshine Coast which it acquired in May 2021.
The Bargara site is just 90 minutes from Ingenia’s sold-out Hervey Bay community, and the town, which is popular with retirees, has a median house price of $400,000.
Development on the community is now scheduled to start next financial year with the first settlements expected in FY23.
Interestingly, the Group also announced the sale of its last remaining DMF village in Gladstone for $2.9 million plus a land parcel at Upper Coomera in Queensland for $9.6 million.
The sale marks the end of an era for Ingenia, which first entered the land lease sector in February 2013 – at the time, they had nine DMF villages and 29 rental villages.
Today, it is the largest player in the land lease sector with 80 lifestyle communities, holiday parks and rental villages across Australia and 16 land lease communities in various stages of development.