10 September 2019
The fast-growing land lease community industry has a new player, with major listed developer Stockland outlining its first ten development projects.
As part of its 2018-19 results announcement in August, Stockland said it had identified the location of ten land lease communities, with the potential to deliver 2,000 units.
At the same time, the company stated that it had divested itself of $60 million worth of “non-core” retirement villages and was exploring a capital partner for its retirement portfolio.
Four of land lease communities are proposed in Queensland, with the first to be at Aura, a $5 billion master planned community on the Sunshine Coast, which will eventually be home to 20,000 homes and two business and enterprise parks.
Stockland is proposing a 250-dwelling land lease community at Aura, with the first settlements to be in place by 2022.
Separately, in September, Stockland released a new collection of two and three bedroom townhomes within Aura, starting at $375,000. The ceremony was attended by Michael Sukkar MP, Federal Minister for Housing (pictured above).
Other proposed Queensland land lease communities include North Shore (200 dwellings), Paradise Waters (200 dwellings) and Caboolture West (200 dwellings).
Stockland is proposing four communities in Victoria (at Minta, Highlands, Cloverton and Grandview), one in NSW (West Dapto) and one in WA (Sienna Wood).
All communities are to due to be place between 2022-24.
Stockland says the move is about “broadening market reach by offering a range of products”.
Land lease communities are growing in popularity, in part because the dwellings are stamp duty-free and also because residents have the potential to claim Commonwealth rent assistance.
Other major players already in the market include Hometown Australia, Ingenia, Halcyon and Lifestyle Communities.
