Glen Brown’s Reside Communities entered the market in March 2019 and now has a pipeline of approximately 800 village homes.
Glen was an FKP/Aveo alumni along with Tim Russell and joined him (and Mark Taylor) on the journey to grow RetireAustralia (previously Meridian) from scratch to the fourth largest village operator in the country. It was sold to the New Zealanders in 2015.
Reside Communities was formed with the backing of GreenFort Capital, a Brisbane-based real estate funder and the $11 billion Hong Kong property fund Gaw Capital Partners.
The stated target was 1,500 village units over the next five to seven years.
Glen provided us an update on his four villages, which all have individual websites.
- Samford Grove: Pre-existing village which has had a multi-stage new development build out over the last 3 years. New development Stage 1 and 2 completed and sold out. Stage 3 under construction and completing progressively throughout 2023. This is predominantly sold out.
- Esperance Hope Island: Stage 1 nearing construction completion with 80% presold. Stage 2 civil construction now commenced with strong presales and expected completion in 2024. The second stage is also an eight-storey building.
- Brookland Robertson: Stage 1 completed in late 2023 with new resident settlements and occupation ongoing. Stage 2 (final stage) construction commencing soon on a five-story building.
- Fairway Carindale: Stage 1 (two vertical buildings) under construction with completion in later 2023. 80% presold. This is a multi-stage vertical village integrated into the Pacific Golf Club & Championship Course in Carindale, Brisbane.
