- Will be the 24th community for LIC
- Located 350 metres from the beach
- Some 260 homes to be built
Lifestyle Communities (ASX: LIC) today announced the acquisition of a site on Phillip Island. Located in the township of Cowes, the company said it will construct approximately 260 homes on the newly acquired land.
The purchase will represent the twenty-fourth community in the company’s portfolio and is aimed at the baby boomers whom are looking to downsize.
It seems a long time coming for the company, Lifestyle Communities managing director, James Kelly, said:
“Since we commenced nearly 20 years ago we have looked at Phillip Island for a suitable location.”
James Kelly, Lifestyle Communities managing director
Including a clubhouse, the land purchase is expected to settle in September 2021, with construction slated to begin mid-2022. The new homes will bring the number of properties in the LIC portfolio to over 5,000 homes; LIC said 5,094 home sites includes sites in planning, development or under management.
In June this year, the company also acquired land adjoining an existing LIC development in St Leonards, Victoria. That development acquisition is expected to settle in mid-2022, with the development to create 160 new homes.
That will bring the whole St Leonards community to 360 homes, Mr Kelly said the acquisition will “… leverage our strong brand on the Bellarine Peninsula, and area that is experiencing strong growth.”
“Sales at our St Leonards project have exceeded our expectations and the additional land will allow us to add some more facilities to broaden the offer to the market,” Mr Kelly added.