Brisbane-based GreenFort Capital and Hong Kong’s Gaw Capital Partners, the finance behind Reside Communities’ five luxury retirement villages, is committing to land lease.
They have just bought Willow Village (main photo) in Southside, a semi-rural locality in the Gympie Region, Queensland, which has 26 homes on a 25,000msq parcel and an adjacent 75,000msq of land with development approval for a further 150 homes.
Title records show GreenFort paid $1.75 million for Willow Village to an entity owned by Simon Price, Rodney Moyle, Dale Fleming and Gus Walsgott, who plan to build up their own portfolio of 10 land lease villages within the next decade under the brand of Beach House Capital. GreenFort paid Jennifer Welk $2.8 million for the adjacent site.
Willow Village is the second property in GreenFort’s Liven Communities, founded last year, with the acquisition of a 57,000msq piece of land in the city of Hervey Bay, 290km north of Brisbane, which has approval to develop 132 manufactured homes. GreenFort paid $7.7 million for the site from the Hervey Bay RSL and Services Memorial Club in November 2023.
“The domestic population base is ageing rapidly, and the provision of affordable housing supply has never been so constrained,” GreenFort executive Adam Vaggelas (left), who runs the business with colleagues Nick Singleton (right) and Daniel Cheilyk (centre) said.
When completed, the two villages will account for about $200 million of the $800 million planned portfolio, which will likely hold 1,200 homes.
Hong Kong-based Gaw Capital Partners managing principal Kenneth Gaw said Reside Communities’ portfolio had grown to more than 1,000 homes with a gross value of $1 billion, and he was looking forward to jointly developing another platform for land lease housing.
“In addition, this joint venture further strengthens our commitment to investing in sustainable and innovative projects that positively impact communities,” he said.
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