The 84 year old owner of Lavender Village, a home park in Highton (Geelong) is closing the 18 lot village on 1 hectare of land rather than go into debt to pay for safety measures. Residents have been told to move their homes by December 2013 or lose them, including residents who have bought in the past 5 months. With life savings used to pay around $105,000, the homes are quoted to be worth now around $65,000. Rent is $100 per week.
Legal Issues
VCAT rules Lifestyle Communities’ DMF model illegal
Lifestyle Communities’ business model is under serious threat after a ruling by VCAT President Justice Ted Woodward found its exit fee structure to be illegal. The ASX-listed land lease operator, which was valued at $861.9 million and placed in...
