Co-Founder and Managing Director James Kelly’s Lifestyle Communities remains focused on Melbourne and Geelong’s growth corridors, with 401 sales in a COVID-19 truncated year.
In announcing the company’s financials for the year to 2022, James said Lifestyle Communities plans to launch seven new sites for development and sale in the next year and has 2,150 homes in the development pipeline.
Lifestyle Communities announced a net profit after tax of $88.9 million, down 2.4% on the previous 12 months. It’s net debt is now $243.1 million, up from $187.7 million 12 months ago.
”With land already in the pipeline, the company is planning to deliver 1,400 to 1,700 new home settlements between FY23 and FY25,” James said.
By the numbers:
- 401 new home settlements – nearly eight sales a week;
- Resales attracting a DMF increased from 105 in FY21 to 143 FY22 – almost three a day;
- 3,193 homes under management;
- More than 4,500 homeowners in 19 communities;
- Two communities at Kaduna Park and Mount Duneed sold out;
- Gross rental income was $29.7 million in FY22.
James said Lifestyle Communities had bought three new sites (Merrifield, Ocean Grove, and Bellarine (Leopold), in addition to Phillip Island, which was announced in August last year.
“We continue to see new land acquisition opportunities comes to market and are well funded to continue to purchase high quality sites that meet our investment criteria,” he said.
Lifestyle Communities revealed that homes that attracted a Deferred Management Fee raised $10.9 million in the year.
The average tenure for homes sold in FY22 was six years and average capital growth 8.9%.