James Kelly’s Lifestyle Communities acquires Clyde site for its 22nd land lease community, and cashes up

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The 9ha site is 60km southeast of Melbourne and 7km from Cranbourne. It will see 230 homes built, commencing in three years’ time.

This will take Lifestyle Communities’ portfolio of sites to 4,518 in and around Melbourne, a portfolio built over approximately 15 years, and one of the few land lease community operators that include a DMF (20%) in their contract.

At the same time, they increased their funding facility by $50 million with CBA, NAB and HSBC to $275 million, which they “considered appropriate to help provide additional balance sheet capacity to acquire additional sites that may become available due to the economic slowdown as well as to provide an additional buffer through these uncertain times”.

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