Ingenia snaps up Brisbane Land Lease Community for $25M

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The listed operator has acquired the 253-site Durack Gardens lifestyle community, 15km south west of the Brisbane CBD, the third community it has purchased after successfully raising $74M in May as we reported here.

Ingenia says it will now target a stabilised yield of over 10% and unlevered IRR of more than 12% for the 9.5ha site by building another 49 new homes that will initially be rented out.

This will allow a longer-term option for the site, which adjoins a proposed medium-density, mixed-use development, to be maintained, they say.

Durack Gardens’ current accommodation includes 113 park-owned homes, 132 Land Lease homes and eight tourism sites.

It’s a busy time for Ingenia. They are currently continuing due diligence on a second Land Lease Community close to the Brisbane CBD.

The operator has also just exchanged contracts for the Glenwood Lifestyle Resort at Woolgoolga, 25km north of Coffs Harbour, and the BIG4 Bonny Hills community at Rainbow Beach, south of Port Macquarie, both in NSW, as it looks to build on its 36 communities.

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