Seven days after publicly stating Ingenia Communities is pivoting from being an asset aggregator to an asset developer and operator, it bought two development-approved large greenfield sites in Queensland.
Its Ingenia Lifestyles over 50s land lease communities' brand will add another 800 home sites to its pipeline (it had a pipeline of 6,541 sites in February 2023) after paying $8.6 million for a 29ha site in Taroomball at Yeppoon, north of Rockhampton, and $21 million for a 33h site in Highfields, 14km north of Toowoomba.
Ingenia Communities chief executive John Carfi said the acquisitions secured its ongoing expansion in Queensland which was Ingenia’s strongest market for sales and settlement rates.
“Over the last six months we have been refocusing the business and driving returns, particularly from development, as we pivot from an asset aggregator to an asset developer and operator through the accelerated execution of our development pipeline,” maintained Ingenia Communities chief executive John Carfi.
“The addition of Taroomball and Highlands to our portfolio supports that acceleration along with our continued drive to enhance development returns with well-priced land in attractive locations. Additionally, these acquisitions provide greater visibility to Ingenia’s future settlements.”
The site at Taroomball, 3km from Yeppoon's town centre, has approval for 286 new land lease homes and associated amenities.
A second site at Highfields was acquired with a DA pending for a 520-home development and associated community activities. Its Seachange Toowoomba community is moving towards completion.
The Weekly SOURCE reported last Tuesday Damien Gwynne, Founder and Managing Director of CW Group, has plans lodged with Toowoomba Regional Council to build a $56.5 million 231 single-storey manufactured homes across a 10.667ha site in Botanic master planned residential estate in Highfields.
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