- The site will feature 250 homes
- 46% of the catchment area is aged 55 or above
- Housing activity has been booming in Geelong
Stockland, one of the largest land lease communities operators in Australia, has expanded its portfolio with the addition of a 12-hectare site in Armstrong Creek, a suburb of Geelong, Victoria.
The site, located 10 kilometres from Torquay Beach and 12 kilometres from Geelong, is currently proposed to become an over-50s land lease community with 250 homes, a clubhouse and recreational facilities.
Kingsley Andrew, the general manager of land lease communities at Stockland, said the acquisition adds to the group’s developing pipeline of more than 7,800 sites nationally.
“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.”
Kingsley Andrew, Stockland
Mr Andrew noted that 46% of the site’s catchment area are aged 55 or above, and there is a constricted supply of over-50s housing available in the area presently.
“We believe there is an excellent opportunity for servicing the market in one of Victoria’s largest contiguous growth areas.”
“Our land lease communities offer our residents an active lifestyle in a quality community with access to great recreational facilities,” he said.
The news comes as Geelong remains one of the fastest-growing cities in Australia with almost 60,000 new homes set to be built over the next 20 years.
Geelong, postcode 3220
The City of Greater Geelong, the Victorian Government and the Australian Government have also partnered together to deliver the Geelong City Deal, which is a 10-year plan to invest $382 million in support of Geelong’s continued economic diversification.
Construction is expected to being on the new Armstrong Creek site early in 2023.