The land lease operator is continuing its regional shopping spree, acquiring the 4.2ha Sunnylake Shores lifestyle community in Budgewoi, about 110km northeast of Sydney, on the NSW Central Coast for $16 million and another approved greenfield development site in Victoria for $7 million.
Sunnylake Shores comprises 90 permanent homes plus 38 approved, build-ready development sites with additional vacant land and was sold on a yield of 6% which “will increase as the remaining sites are developed and additional homes are added to this well-maintained community”.
Ingenia said new homes to be developed on the waterfront will have a price point of more than $500,000 with the first settlements expected in December this year.
The site adds to Ingenia’s property portfolio on the Central Coast, with the group buying Bevington Shores lifestyle community in December and Lake Munmorah Residential Resort in April.
Ingenia CEO Simon Owen said it was one of a number of anticipated acquisitions for the ASX-listed group which contribute immediate rental income and additional sites for development in the short term.
“We retain significant capacity for future acquisitions and are reviewing multiple sites as we seek to continually enhance our scale and generate growing cash flows and investment returns,” he said.
Meanwhile, Ingenia has also acquired a fully approved 6.4ha site at Lucas, 7km from Ballarat in Victoria’s Central Highlands from the Ingenia-managed Eighth Gate fund management platform, following security holder approval.
The site will be developed into 163 homes and known as Ingenia Lifestyle Parkside, with the first residents expected to move in from May 2021.
The group has also optioned an adjoining 3.3ha site for $4.3 million which, subject to council approval, would provide for an additional 90 homes.
According to Ingenia, the median home price in the surrounding suburbs is $425,000.
The company now has a pipeline of 4,260 potential home sites with a recent $131.1 million equity raising and a new $100 million, 7-year debt facility set to fund their continued expansion.