This article is from the Australian Property Journal archive
ASX-listed Ingenia Communities’s joint venture with New York Stock Exchange-listed Sun Communities has bought two greenfield sites in south east Queensland and NSW’s mid north coast.
The sites are located in Burpengary in Queensland and Fullerton Cove in NSW. Combined, the sites provide the potential to deliver approximately 350 new homes through the creation of new master-planned communities.
The JV have paid $17.75 million for the Burpengary property, a 9.5ha site located approximately 35km from the Brisbane CBD, with potential for 233 homes. Approval is in place for the first 131 homes and a development application for a further 102 sites has been lodged. The acquisition is expected to settle in May 2019.
The Fullerton Cove is being acquired for $5.5 million. Located approximately 20kms north of Newcastle. The 9.2-hectare land parcel has approval for 145 sites, but the JV partners plan to amend the current plans to cater for 119 homes.
Ingenia Communities CEO Simon Owen said the properties are in markets where Ingenia sees strong demand and has existing communities within the region.
“Both sites are in attractive markets and have approvals in place, giving us the opportunity to deliver home settlements in the 2020 financial year.
“We are continuing to review additional opportunities for the joint venture, leveraging our inhouse acquisitions and development capability. We remain confident of transacting on further opportunities as we seek to grow the joint venture,” Owen said.
Australian Property Journal
