12 months after lodging applications for its first two land lease communities, Australia’s largest residential developer has broken ground at its first LLC ‘Thrive Nirimba’, located within its $5 billion Aura master planned community near Caloundra on the Sunshine Coast.
Federal Member for Fisher Andrew Wallace joined Stockland’s General Manager of Thrive Lifestyle Communities Kingsley Andrew (pictured above) to celebrate the official start of construction which will see 244 homes and community facilities built on the 2,400ha site which will eventually accommodate 20,000 homes.
Following the start of Thrive Nirimba, Stockland says it plans to begin construction in its Minta Farm master planned community in Berwick, Victoria early next year, with further potential sites at its existing master planned communities across QLD, NSW and Victoria.
In total, our third largest village developer says it now has a development pipeline of around 3,000 LLC home sites across Australia – while its DMF projects are being phased out as it realigns towards LLCs.
As we reported here, Stockland first announced a pipeline of 2,000 LLC homes and eight communities in October last year.
Mr Andrew says the group’s entry into the LLC market will help to diversify its offering with the cost of entry for a home in one of its Thrive communities to generally be around 20% less than a comparable standalone house in the surrounding area.
“For instance, a home in our first release at Thrive Nirimba at Aura will be circa $100,000 less than the median house price of the surrounding suburbs,” he said.
Currently the median asking price for a three-bedroom home in Caloundra is around $615,000 according to Domain.
Nirimba will operate under the traditional LLC model with no entry or exit fees and a site rental fee to cover council rates and access to the community facilities.