- The future development will consist of 278 retirement living homes
- Stockland recently sold their major retirement home arm
- Around 87,000 people over the age of 55 near the area
Property group Stockland (ASX: SGP) has today announced the acquisition of 13-hectare site in Clyde North as part of its growing Victorian Land Lease Communities (LLC) portfolio.
The Thompsons Road site, located 55 kilometres southeast of the Melbourne CBD, was acquired for $47.5 million. It will house the proposed Halcyon community within the St Germain Estate and future St Germain Town centre, and has been identified for retirement living use.
The announcement comes after Stockland sold its Retirement Living Arm last month for just shy of $1 billion.
9,000 LLC sites nationally
Stockland LLC executive general manager, Kingsley Andrew, said the acquisition adds to Stockland’s portfolio of 9,000 LLC home sites across Australia, noting that Clyde North’s market is experiencing strong buyer demand with solid pricing expectations.
“The established St Germain Estate provides a perfect opportunity for a Stockland Halcyon community in this growth corridor with access to Melbourne,” he said.
“Subject to planning approvals we anticipate delivering approximately 278 home sites with a clubhouse and recreational facilities.”
The LLC model allows residents to purchase homes outright without entry or exit fees. Customers then pay a site rental fee which covers not just community facilities, but also council rates.
“There is an estimated target population of around 87,000 people aged over 55 within a 15km radius of the proposed community,” added Mr Andrew.
“With several other Retirement Living and LLC communities in the area we believe there is an excellent opportunity to create a thriving LLC community that becomes part of the fabric of Clyde North.
“Our land lease communities offer our residents an active lifestyle in a quality community with access to great recreational facilities,” said Mr Andrew.
Construction is due to commence next year.