The ASX-listed Ingenia Communities will build another 300 homes after receiving planning permission on two land lease projects.
Land adjacent to Ingenia Lifestyle's Latitude One, at Anna Bay, in the Port Stephens region, was bought for $1.25 million in 2017. The 12ha site will have 171 homes and additional complementary facilities to Latitude One, totalling 440 homes.
In addition to Latitude One, Ingenia has a range of holiday park and residential investments in the region, including Ingenia Holidays One Mile, Ingenia Holidays Middle Rock, Ingenia Rental Anna Bay and Ingenia Holidays Soldiers Point. Current land lease developments in the region include Natura (Bobs Farm) and Element (Fullerton Cove).
In addition, it has approval for its Stage 2 development at Pacific Palms in Blueys Beach.
"This forms the final approval required to implement the Group’s masterplan for the site. The development will see 133 long term homes and new community facilities added to the site, which already has 22 land lease homes in place," Ingenia Communities said in a media release.
Managing Director Simon Owen is leaving with Ingenia Communities set to be the leading land lease operator if its pipeline is realised.
