Ingenia buys Cairns, Melbourne LLC sites
Ingenia Communities Group (INA) has spent $28.5 million on metropolitan Cairns and Melbourne sites with plans for major land lease communities.
In Queensland, the group has outlaid $19.5m for a prime Gordonvale block abutting a recently completed Woolworths.
Over 16.9 hectares with Bruce Highway and Draper Road frontage, it came permit-ready for a 212 lot residential subdivision.
INA will instead apply for a 275 unit LLC with associated facilites, possibly a club house and some recreation space, on the bulk of the site.
The balance, speculated to be portions of the parcel fronting Fisher Rd and Knowlton Crescent, will be sold down as 19 standard housing lots.
Gordonvale is about 20 kilometres south of Cairns, near the Danbulla State Forest.
The developer and investor said it is seeking more LLC sites in North Queensland, where it holds a hospitality portfolio.
Under the LLC model, residents purchase homes outright and pay a site rental fee covering council rates and costs associated with occupant-only facilities.
Ingenia buys in Sunbury
Meanwhile, in Melbourne’s north west Sunbury, INA has settled on the $9m purchase of three adjoining homesteads covering 6.2ha across 10-30 Barrington Lane.
Each c2.08ha property was acquired in September, 2020, for $3m from a different party – one of the vendors paid $87,500 in 1988.
The incoming owner is planning a c150-lot LLC around facilities (story continues below).
“The acquisitions are expected to contribute settlements in the short to medium term, consistent with the group’s focus on building settlement volumes to meet demand for quality land lease communities,” a statement said.
“Sunbury…is undergoing extensive development and rezoning, including the addition of infrastructure and amenity to complement residential and commercial land use,” it added.
INA applied four months ago.
This pocket of Sunbury, near the Calder Freeway and Mt Aitken Road, is near Diggers Rest and Toolern Vale.
The deal comes seven months since Stockland outlaid $47.4m for a 13.5ha property at Clyde, in the city’s south east, with plans for a 278-lot LLC.
Ingenia bolsters Victorian pipeline
Elsewhere in Melbourne, INA holds a LLCs at Beveridge (pictured, top).
It also controls these investments at Ballarat and Lara.
“We are pleased to reach these major milestones, which allow us to move key developments forward over the coming months,” chief executive officer, Simon Owen, said, of the Sunbury and Gordonvale purchases.
“Building our settlements volume and enhancing our exposure to Queensland and coastal regions remain priorities for the group as we continue to see demand and growing awareness of the land lease model,” he added.
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