Land lease developer Gateway Lifestyle offloads two communities for $18.4M

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Australia’s largest LLC operator, the ASX-listed Gateway Lifestyle has sold its Bass Hill community, 20km from the Sydney CBD, for $10.4 million and its Rainbow Waters community in QLD for $8 million.

Gateway has 36 communities with over 5,800 sites and 6,000 residents, but is aiming for a total of 10,000 home sites.

“The divestment of non-core assets is a key part of our strategy, as we look to improve the quality of assets in the Group’s portfolio and ongoing investment in higher returning communities driven by development potential and operating margins.” Gateway CEO Trent Ottawa said.