Every land lease operator is building bigger and more prestigious community facilities like it is a race to the top. New entrant Stockland appears to want to win, with the longest list of leisure amenities at its new Halcyon Blu in Banya, Caloundra, on Queensland’s Sunshine Coast.
As we reported, Stockland’s development application for 500 homes, the master planned community is 21 dwellings per hectare, the gated land lease community Designed by Archipelago and Stockland, will have the following leisure amenities:
• Clubhouse Pavilions 1, 2 and 3
• Lounges
• Function rooms
• Shared and private dining area
• Games room
• Cinema
• Library
• Hobby room
• 4 Pickleball courts
• Bocce court and Pavilion
• 6 lawn bowls greens
• Pavilion
• Dedicated BBQ areas
• Event lawn space
• Community garden
• Resort-style pool
• Gym
• Relaxation/treatment rooms
• Hairdresser
• Yoga lawn
• Covered pool with spa area
Lifestyle is delivered in bucket loads but will these be used in 10 years’ time, when the mid 60s aged first residents turn mid to late 70s?
Land lease community provider Lifestyle Communities, with a portfolio dominated by mature communities, revealed in its HY23 Financial Report in February the average age of residents was 75.
The SOURCE: Grand community facilities help sell LLC homes fast, but they will have to be maintained or replaced in 10 to 15 years time. Will the operators do this as they will not have the up to 30% developers margin from the first round of sales, and they don’t have DMF income.
