STOCKLAND is boosting its land lease portfolio with the purchase of a 12-hectare site in Victoria’s largest contiguous growth area, Armstrong Creek.
529-549 Horseshoe Bend Road, sits 10 kilometres out from Torquay Beach and 13 from Geelong and includes plans for an over-50s land lease community comprised of 250 homes, a clubhouse and recreational facilities.
“Continuing to grow our land lease business is aligned with our ambition to become a leading land lease communities operator,” said Kingsley Andrew, general manager of land lease communities at Stockland.
The new strategic acquisition will expand on Stockland’s development pipeline of over 7,800 sites around Australia.
“Our land lease communities model allows customers to purchase their new home outright with no entry or exit fees, and pay a site rental fee which covers council rates, and includes access to modern community facilities for all homeowners,” added Andrew.
The catchment area of the new site includes a population with 46% aged 55 and over, with a limited supply of this housing type on the market.
The site will also be a beneficiary to the federal and state government’s partnership with the City of Greater Geelong in delivering the $382 million Geelong City Deal, a 10-year plan to support the economic diversification of the city, the growth of its visitor economy and its city centre.
“Our land lease communities offer our residents an active lifestyle in a quality community with access to great recreational facilities,” added Andrew.
With the purchase set to be completed in the month of September, Stockland expects construction to commence in early 2023.