With the build time falling slightly to 23 weeks, the listed land lease, rental and holiday park operator, in a 1Q FY24 update, said new land lease communities Drift at Bargara (pictured), 13km east of Bundaberg, Queensland, and Element Fullerton Cove in Port Stephens, 160km northeast of Sydney, will launch this month.

Chairman Jim Hazel (pictured) said the launches will broaden the sales pipeline after selling 79 homes in 1Q, compared to 36 sales 12 months earlier a jump of 219%. He reiterated Ingenia has 18 projects under development.

“With a large proportion of the rental base achieving ‘CPI plus’ rent growth, average rents are growing. In Q1 an average rental uplift of over 7.5% was applied across six land lease communities, with average rental growth of 8.5% across five of the Group’s all-age rental communities.” he said.

“Across the all-age rental communities, occupancy sits at 99%, with Ingenia Gardens occupancy at 97%.”

Ingenia revealed it had sold a 7.8ha block of land in Hervey Bay, 286km north of Brisbane, which was part of the Seachange portfolio bought in 2021. It sold for a premium $11.5 million. In addition, it has agreed to sell its 2.4ha Broulee holiday park, 297km south of Sydney’s CBD, at book value of $7.1 million. The Sydney-based business has a strategy of recycling capital to invest on existing projects.

The SOURCE: The nation’s second largest land lease operator intends to be the largest