The operator of land lease lifestyle resorts announced to the ASX last Wednesday it had settled the initial acquisition of Managing Director and Group CEO Adrian Puljich's own business Aliria for $218 million.
Adrian also said it is "finalising plans for several other new communities to further bolster our active pipeline of developments".
GemLife, which listed on the ASX on 3 July, has now taken over a major portion of Aliria’s land lease portfolio, comprising eight projects across Queensland and New South Wales, with a potential yield of 2,200 homes. A further four Aliria projects, which are the subject of options/conditional contracts, are expected to be acquired between late FY25 and FY31. These acquisitions will bring GemLife’s portfolio to 32 communities, including developments in South Australia, with a total of 9,836 sites.
Aliria on Dean resort in Rockhampton, Queensland, is the first of the Aliria communities on the market. It was rebranded to GemLife on Dean on 16 July. Construction is progressing on the 57-home community, with first settlements on track for September. The balance of the Aliria sites have development approval secured, lodged, or applications are being finalised, and are located in Kilcoy, Sunshine Coast, Burnett Heads, Toowoomba, with two sites in Logan, in Queensland, and a site in Clarence Valley in NSW's Northern Rivers region.
The agreement to buy Aliria, a company founded by Adrian last year, was entered into as part of the $750 million Initial Public Offering (IPO) for GemLife. The acquisition brings GemLife’s total pipeline to 28 land lease communities and development sites, with a potential yield of 8,711 homes across Queensland, New South Wales and Victoria.
Adrian said GemLife had brought several new communities to market since December (2024) — the 489-home GemLife Elimbah in the Moreton Bay region, and the 422-home GemLife Highfields Heights in Toowoomba — with plans to launch more projects this year.
“Together, those two communities are delivering more than 900 homes for over-50s, in highly sought-after regions,” he said. “We’re finalising plans for several other new communities to further bolster our active pipeline of developments. The market appetite is strong, and we’re focused on continuing to evolve, innovate and reshape over-50s living for today’s downsizers.”
