Lifestyle Communities Founder and CEO James Kelly is a happy man.
“Since we commenced nearly 20 years ago we have looked at Phillip Island for a suitable opportunity and we are delighted to have purchased a great site in a fantastic location,” he said in a statement to the Australian Stock Exchange.
Lifestyle Communities will settle next month on a site in the island’s commercial hub Cowes, which Mr Kelly says is 350 metres from the beach and 2.5km from the township.
The site will hold 260 homes and a clubhouse in a land lease community and it is hoped construction will start in the middle of next year.
Last month Lifestyle Communities announced it had bought a new site, adjoining its existing land lease community, St Leonards, on Victoria’s Ballarine Peninsula.
The latest purchase on Phillip Island means Melbourne-based Lifestyle Communities has a total of 24 Victorian land lease communities under contract, in planning, in development or under management.
