The Brisbane-based syndicated property developer will build a $300 million lifestyle community in the coastal town, 135km northwest of Adelaide.
460 homes will be built over 15 years as part of a “build-and-hold” approach. Construction of the first 30 of those homes will commence in the next six months, with Metacap aiming to build 30 more homes annually.
There will be caravan and boat storage areas, an aged care facility and medical on the 170ha site, for which Metacap paid $3 million to the receiver for Copperclub at the partially-built The Dunes golf course.
Metacap Founder and CEO Alex Jiminez said South Australia’s ageing population – the state has the highest proportion of older people on mainland Australia - and construction challenges in an area such as Port Hughes on the Yorke Peninsula led to the company opting for a strategy of owning the residential assets, operating and managing them, rather than selling to individual buyers.
This is one of five new developments by Metacap in the retirement living sector.
When fully completed, the Port Hughes community will also have retail stores, restaurants, tourist accommodation facilities, a boutique hotel and parklands – any of which Metacap could tap other developers to deliver.
The SOURCE: The buy and hold approach is well-known in the land lease, manufactured home estate sector
