In July 2017 ASX-listed Chinese property developer Boyuan Holdings took its first foray into Land Lease Communities (LLC’s) after acquiring NSW lifestyle community group Broadland Gardens for a reported $63M.

It sold out last week to fund manager Lincoln Place for $64M, with a property at Armidale added to the pot (see this story).

The original portfolio includes Broadland’s two existing communities at Tamworth and Green Point near Gosford in NSW, which had a combined 330 occupied homes and 280 homes sites; plus a DA-approved brownfield site with existing infrastructure and a DA-approved greenfield site in Muswellbrook, and Harrington with another 360 sites between them.

Broadlands was created by ex retirement village veterans John Virgona, Dean Walker and Rod Harvey (ex-Glen Group, now part of RetireAustralia). They were going to expand the Broadlands brand and “identify, acquire and operate new communities” on the East Coast, but left the arrangement soon after.

Boyuan says “The proceeds from the sale will be used, in part, to pay all current third-party loans related to the Seniors and Lifestyle Living portfolio.”

Michael Rabey moved from the village operator AEH to Boyuan to lead this program but is staying on at Boyuan as Chief of Staff. He has also relinquished his Chair of the Property Council’s Retirement Living Committee - NSW Division.