Royal Freemasons Homes of Victoria bought a prime site at Armstrong Creek in the City of Geelong, Victoria, for development four years ago.
Now the 1.05ha parcel of land has sold for a believed $5.1 million to a Sydney developer with an eye on a medium density housing project.
The City of Geelong and the Bellarine Peninsula is a popular location for expansion in the aged care sector. Armstrong Creek is the country’s fastest growing regional municipality since the COVID-19 pandemic, according to annualised population data issued by the Australian Bureau of Statistics in March.
Stockland last year announced it had paid $43 million for a 30.6ha site in Armstrong Creek for an over-50s land lease community of 250 homes. This month it paid about $60 million for 26.1ha of land at nearby Curlewis for a 325-home land lease community.
Lifestyle Communities has six lifestyle communities in Geelong and the Bellarine Peninsula. Country Club Living’s Bellarine Lakes Country Club (pictured) has released its Stage 7.
Royal Freemasons, which owns and operates retirement living communities, aged care homes and home care, said the area was too congested.
“The broader Armstrong Creek area has significantly more aged care beds and retirement options either under development or already commissioned to meet the projected community demand for the foreseeable future.
“In light of, this Royal Freemasons has decided that this land was no longer required for any future expansion of our portfolio and the land has been sold.”