This article is from the Australian Property Journal archive
LIFESTYLE Communities has bought a site in Bell Park, Geelong in Victoria for $6.85 million.
The Lifestyle Community at Bell Park will be the company’s ninth property. As a result of this acquisition, Lifestyle Communities’ portfolio has increased by 160 home sites to 1,625.
Managing director James Kelly said the demographics of the Geelong area are favourable for a Lifestyle Community.
“The Bell Park site meets these investment criteria. In 2011 there were approximately 210,000 people living in the area with around 48,000 over the age of 60. The catchment area has a median house price of approximately $368,000, the population of the greater Geelong area is forecast to increase by more than 33% during the next 20 years; and there are currently limited affordable housing solutions similar to a Lifestyle Community available near our site that will appeal to our target demographic,” he said.
The settlement of the first homes would be expected to occur during the first quarter of the 2016 financial year.
Property Review
