With the 266th and final home in the gated Ocean Club land lease community at Lake Cathie being built and sold, co-founder John Gilmour told The Source it will pilot four two-storey homes known as the Ocean Villas as part of 23 luxury properties to be built imminently outside the gated section of the precinct which will also be run under the land lease model.
Homeowners will enjoy the full reciprocal benefits of the Ocean Club Resort along with additional five-star facilities approved to be built.
“We will mostly be building houses above $1 million. Two level houses are also in this precinct and will be much larger and at a higher pricing level again,” John said.
He also said that completing final design and documentation and civil works to be shovel ready on its third venture, an approved 323-lot land lease community on part of a 47ha site also owned by the joint venture between Gwynvill Group and Huntingdale Properties, to be known as Ocean Country Club, in bustling Wauchope, 19km west of Port Macquarie, mid-next year.
Ten years ago, the first houses in the Ocean Club sold in the $290 – 330k range and today resales are as high as the $900,000s.
“Given that we started this project as an alternative to the then punitive DMF retirement model we are particularly happy that the capital growth has benefitted so many.” said John.
The SOURCE: Sharing community facilities with residents outside the front gate could be a potential challenge.
