Land lease developer Halcyon finds new backers for QLD expansion

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The QLD-based developer has launched its latest $300M Halcyon Greens development on the Gold Coast backed by PRD Realty founders Gordon and Archie Douglas and partner John Benton – and they have four more QLD sites in the works.

Gordon Douglas has told The Australian that Halcyon now has three more retirement village sites under contract, including land for a $120M project at Logan, south of Brisbane; another on Brisbane’s north side and a Sunshine Coast site.

However Mr Douglas said NSW’s difficult planning processes has prevented the company from moving south.

“Planning in NSW is too convoluted compared with Queensland,” he said. Mr Douglas has an interest in the 1,500-lot Redbank housing development in northwest Sydney.

Halcyon was founded in 2004 by lawyer Paul Melville and medico Dr Bevan Geissmann, but despite the company’s growth Mr Douglas said there were no plans to take it to a public listing.

Halcyon Greens at Pimpama, built at Mirvac’s Gainsborough Greens community, is its seventh project and its third Gold Coast site after Halcyon Waters and Vision by Halcyon at Hope Island.

50 of the 65 homes from the first two stages have already been sold for $28M, with homes priced from $424,000 to $750,000 – mostly to buyers in SE QLD and a few from interstate.

When complete, the community will have 500 homes and leisure facilities including the existing 18-hole golf course – something the developer says will appeal to the 16,000 “Baby Boomers” predicted to move to the area over the next 20 years.

Four years ago, Halcyon sold its first $1M+ LLC home on Hope Island. In QLD, LLC homes can be constructed on site and not be so ‘relocatable’.

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