Living Choice has secured the location for its second land lease community, in Mt Barker, 34km east of Adelaide.
Developer Axiom Properties agreed to sell a 10ha piece of land on a major housing estate to the retirement village provider for $5.5 million.
Living Choice already has three retirement villages in South Australia and a further six operational sites across Australia, but have been looking to diversify with land lease communities.
The contract for the land sale is conditional on development approval and agreement from both companies around infrastructure and party satisfaction, In Daily reported.
If approved Living Choice will begin to develop the land lease community.
The owners of Living Choice, Ian Tregoning and Graham Hobbs, are based in Adelaide and own 9 operational villages across South Australia, New South Wales and Queensland.