This article is from the Australian Property Journal archive
STOCKLAND has launched its first land lease community in Victoria, and the second for the diversified developer as it makes its move into the emerging sector.
The $89 million Thrive Berwick in Melbourne’s south eastern suburbs is aimed at the growing over-50s market and will offer 175 homes and resort-style community facilities.
The land lease model sees a resident buys a house with no entry of exit fees while renting the land that it is on, and paying fees for access to and maintenance of common facilities and community green areas.
Stockland general manager of land lease communities, Kingsley Andrew, said Thrive Berwick will offer affordable homes architecturally designed for “active over-50s who are keen to downsize and free up capital to enjoy their lifestyle”.
“The average cost of a home in Thrive Berwick will be around 15% less than the catchment median – so approximately $160,000 less than a comparable standalone house in the surrounding suburbs.
“We’ve received strong sales enquiries and accepted a number of deposits having only officially launched sales less than a month ago, which demonstrates great customer feedback.”
Stockland last week confirmed its $620 million acquisition of land lease communities operator Halcyon Group, and flagged bringing in outside capital as part of plans to further boost its presence in the sector. The purchase of will add to its portfolio 3,800 sites across 13 land lease communities – made up of six established land lease communities, four communities in development, and three projects in planning.
The group’s managing director and CEO Tarun Gupta said the acquisition was in line with the group’s strategy to grow its land lease communities and would increase its portfolio to 7,800 sites.
Located 48 kilometres south-east of Melbourne CBD and close to the Princes Freeway, Thrive Berwick is set within a natural reserve, lakes and green open spaces in the masterplanned community of Minta.
Customers have the option of four site configurations, ten floorplans and three facades.
Each home also comes with a 6 Star Energy Rating, passive solar design considerations, and the option to upgrade to solar.
The community will be centred around the clubhouse, featuring a cinema, indoor heated swimming pool, billiard room, lounge and dining room, outdoor alfresco and BBQ areas, pizza oven, spa and gym, yoga retreat, community garden, arts and crafts centre, bowling green, pickleball and croquet court, a workshop, kitchen and bar, and a dedicated dog wash.
Kerry Balci, project director at Stockland, said Thrive Berwick complements the mix of detached and medium-density housing on offer at Minta.
“We’re really pleased with customer interest in Minta with more than 600 people already calling Minta home,” Balci said. On completion, the community will have more than 1,700 homes.
