Ingenia has acquired sites for two new land lease developments at Sunbury, Victoria (above) and Gordonvale, Queensland, with capacity for around 420 new homes.
The 6.2-hectare Sunbury site in Melbourne’s northwest comprises three separate blocks of land with the potential for 150 houses and was purchased for $9 million, while the 16.9-hectare site at Gordonvale near Cairns expands Ingenia’s land lease operations to Tropical North Queensland.
The Gordonvale site (pictured), purchased for $19.5 million, is near existing residential areas and a Woolworths supermarket; Ingenia is planning approximately 275 homes for the site.
According to Simon Owen, CEO of Ingenia, the two new sites – announced just a week after the sale of two rental villages to Eureka as part of an asset recycling program – are part of a “growing pipeline” of lifestyle opportunities.
“We are pleased to reach these major milestones, which allow us to move key developments forward over the coming months.
“Building our settlements volume and enhancing our exposure to Queensland and coastal regions remain priorities for the Group as we continue to see demand and growing awareness of the land lease model,” he said.
