- Acquired for $8.5 million
- Partially developed community located an hour inland from Brisbane
- Was a property identified for acquisition in the equity raising announcement made last year
Ingenia (ASX: INA) has made an off-market acquisition of the partially developed Oakland Village lifestyle community in Beaudesert.
The property is located approximately one hour inland from Brisbane and the Gold Coast and was purchased for $8.5 million.
Ingenia said the property was included in the $552 million of acquisitions identified with the company’s $475 million equity raising announced on 1 November 2021.
Currently, only seven of the 147 approved homes have been completed. Ingenia said there is potential for a further 21 homes, subject to council approval.
Located in a semi-rural location that is undergoing urbanisation, the area expects to be both tranquil and in close proximity to key amenities.
The village will provide affordable community living downsizers in an area which is experiencing strong population growth, with the portion of residents in the Group’s targeted demographic forecast to grow significantly through to 2026. The median house price in Beaudesert is present $381,000 and has grown 6.7% over the past 12 months.
Asking price for Beaudesert 4285
Stock on market for sale in Beaudesert 4285
“Oakland Village provides further exposure to the fast growing Queensland market, allowing Ingenia to expand into the popular Scenic Rim Region and capitalise on demand from people moving north from New South Wales and Victoria,” said Simon Owen, CEO of Ingenia Communities.
Following settlement of Oakland Village, the Group will have completed sixteen of the twenty acquisitions outlined in the Acquisitions and Equity Raising announcement on 1 November. The Group remains on track to finalise the remaining four transactions in the first quarter of 2022.
