- APZ settles Perth acquisitions from August
- Acquired 17 properties for $52M before transactions costs
- INA acquires greenfield in QLD, and village in Melbourne
Australian property groups, Aspen and Ingenia have announced recent acquisitions in various locations across the country today.
In August, Aspen Group (ASX: APZ) acquired 17 apartment complexes in Perth, Western Australia. Comprising of 514 apartments, across approximately 4.7 hectares of land, that transaction was today announced as settled.
Before transaction costs, the acquisition came in at $52 million, according to the company that approximately equated to $101,000 per apartment.
The apartments generally comprise one or two bedrooms, and the condition is highly varied. Aspen said it intends to refurbish the apartments as required, and hold the vast majority as rental stock, expecting to spend some $25 million across the portfolio in the next two years.
Aspen said the net rental yield is expected to be minimal for the first twelve months, depending on how many apartments come offline for refurbishment.
Apartment locations are spread across the Perth metropolitan areas, including Trigg, Glendalough, Maylands, Swanbourne, Claremont, and Applecross.
Ingenia Group (ASX:INA) has expanded its Queensland and Victoria presence, acquiring land in the sunshine state, and an existing village in Melbourne.
The company acquired its second project in Queensland with a 13.5-hectare land parcel that is approximately 110 kilometres from the Brisbane CBD, within the Nambour gateway to the Sunshine Coast and is within close proximity to Ingenia Lifestyle Nature’s Edge.
With DA approval for a 230 home community in place, home construction is expected to commence in early 2023 with the first settlements anticipated in FY24. Median house prices in Nambour and the Sunshine Coast are $480,000 and $740,000 respectively.
Asking prices for Nambour, 4560
A total of $15.5 million will be paid for the site.
Ingenia also acquired Protea Village in Carrum Downs for $10 million. The village is some 40 kilometres south of the Melbourne CBD, and further expands the Group’s Ingenia Gardens business and presence in the Victorian market, with proximity to Ingenia Holidays parks at Inverloch, Cape Paterson and Phillip Island.
The community comprises 60 units, with a community room, commercial kitchen and manager’s residence.