Stockland boosts Queensland LLC portfolio
Stockland has picked up five more Queensland properties for its land lease community arm, Halcyon.
The assets – four development sites, at Beerwah (pictured, top), in the Sunshine Coast Hinterland, Burpengary East, in the Moreton Bay region, and Brisbane’s Eagleby Heights and Logan Village, and an established village at Toowoomba – will add nearly 1300 home sites to its book.
The Puljich family, which established the Living Gems LLC brand in 1982, and has co-run GemLife with Thakral since 2016, is the seller.
The deal is worth $210 million.
Following settlement the vendor will control just over 10,000 established blocks in some 42 locations.
By comparison Halcyon, which Stockland bought in 2021, will have that many sites, but some three quarters are undeveloped.
Aspen and Ingenia Communities Group are other major listed players in the sector (story continues below).
GemLife looks to take LLC to skies
Under the LLC model, residents buy homes outright, paying a site rental fee also covering rates and outgoings of resident only amenities, for things like bowling greens, swimming pools and parks serviced by barbecues and community rooms.
GemLife is behind what would be a landmark vertical LLC at Currumbin Waters, on the Gold Coast, with c216 dwellings (down from 340, which was recently rejected by Queensland’s Planning and Environment Court).
Following the Stockland deal, the Toowoomba asset will become a Halcyon.
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