Liven snares another LLC site
GreenFort Capital and Gaw Capital have secured a second site for their over-50s land lease business, Liven Communities.
The amalgamation at Southside, Gympie – the 2.55 hectare Willow Village, with 26 dwellings at 40 Willow Grove (pictured, top), and an adjoining 7.47ha parcel, permit ready for another 150 homes, 10 Heritage Lane, set the pair back just over $4.5 million from separate buyers.
The deal comes about eight months since the company seeded with its c$7.7m acquisition of a 5.7ha Hervey Bay block at Beach Road at the bend it becomes Bay Drive, in Urraween.
Offered by the local RSL, it came permitted for 132 dwellings, replacing a 2020 proposal, for a traditional low density estate, with 50 lots, from 300-505 square metres (with the average being 362 sqm), and a 2564 sqm park.
Gympie, Hervey Bay Queensland LLCs planned
Under the LLC model, residents buy home outright buy pay a property owner a site rental fee, usually outgoings.
Given the land is typically not zoned for residential, some expenses, like rates, are cheaper.
As they increase in popularity – in part because of their affordability and popularity with seniors – resort like amenity including pools and bowling greens are sometimes built into them (story continues below).
The Gympie deal comes 11 months since Stockland – a major player in the sector especially following its 2021 Halycon takeover – outlaid $210m for five Queensland LLC assets, four being development sites able to accommodate a total c1300 dwellings.
In late 2022 meanwhile Ingenia Communities Group purchased a Gordonvale site, 20 kilometres south of Cairns, for an asset of this type.
Covering 16.9ha on the Bruce Highway, it cost $19.5m.
Permit-ready for 202 dwellings, the ASX listed company instead plans 275 for the bulk of the site and to sell down 19 plots as standard housing lots.
Liven, earmarked to hold c$800m of product, is the second GreenFort/Gaw Capital JV; in 2018 the pair established retirement living platform Reside Communities, now with more than 1000 dwellings with a gross value of c$1 billion.
Subscribe to our newsletter at the bottom of this page.
