Stockland Retirement Living experienced record sales in the 2021 financial year and a successful entry into the land lease sector as it intends to capitalise on buying Queensland operator Halycon.
It saw 711 sales of existing homes in its 59 retirement villages, plus an additional 237 sales of new homes.
Occupancy across its villages increased slightly to 93%.
The company confirmed it continues to desire a capital partner in its traditional retirement village, a goal it has had since 2015.
During the year they purchased Halcyon land lease communities business for $620M and with it around 100 experienced sector staff.
“It’s a very important strategic play for us,” Stockland managing director Tarun Gupta told the Financial Review, after reporting a net after tax profit of $1.1 billion boosted by property revaluation.
“If you look at the sector, the 50-plus demographic is growing at 2.5% per annum growth and that doesn’t rely on immigration. That’s just how the demographic is ageing. It’s a very valuable part of the market.”
Stockland has 1,600 homes in development (1,200 from Halycon) and another 4,700 in planning (1,100 from Halycon).