This article is from the Australian Property Journal archive
LAND lease and downsizer accommodation operator Lifestyle Communities – which earlier this month sued property giant Stockland – has added two Victorian properties to its portfolio that will bring over 450 homes to the state.
The ASX-listed company has secured a 10-hectare site on Ballarto Road in Clyde, in Melbourne’s south eastern growth corridor, and within the Clyde Creek Precinct Structure Plan, and a 13-hectare site in Inverloch, one of the final pieces of zoned land within the Bass Coast Shire, further out from the city.
The sites will create 255 and 200 homes respectively, catered towards working, semi-retired and retired people over 50 at an affordable price.
The new properties follow the recent acquisitions at Clifton Springs, near Geelong, and Yarrawonga, on the NSW border.
This takes the total number of homes under management or to be developed to just short of 6,500 homes, with 32 completed, underway or awaiting construction to commence throughout Victoria.
Managing director of Lifestyle Communities, James Kelly, said both new properties are in close proximity to existing communities, which supports a strong referral rate from homeowners.
“Our homeowners are our biggest advocates with up to 50% of our sales coming from referral and that’s an incredibly powerful tool to have when creating these communities,” he said.
The new site in Clyde is close to the Lifestyle Meridian and Lifestyle Riverfield locations. Meridian has less than 20% of stock left, and Riverfield has recently hit the market with a “terrific” response so far.
“We expect to see similar demand once we’re in a position to go to market with the new product.”
The Clyde site was picked up in an off-market transaction.
Further south, Inverloch presents a similar opportunity to Lifestyle Phillip Island, being walking distance to the beach and featuring an abundance of greenery. The company expects house prices to be underpinned over the long-term given the site is one of the final pieces of zoned land in Inverloch.
Aimed at those seeking a sea change, Lifestyle Communities will provide homeowners with a complimentary shared boat for days on the water and holiday villas as part of its Club Lifestyle offer.
Both new acquisitions will feature sports precincts and maker’s studios.
Settlement is expected on both sites in early 2025, with construction commencing shortly afterwards.
Lifestyle Communities launched legal action against Stockland in the Federal Court in recent weeks over allegations of misleading and deceptive conduct under Australian Consumer Law, over Stockland’s use of the trademarked brand “Lifestyle Communities” for its own land lease business.
Lifestyle Communities first registered the words “Lifestyle Communities” in 2004 – it was accepted and became a protected trademark in 2005 – and then registered “Lifestyle Communities” with a logo in 2006 which was also accepted by IP Australia soon after.
Both the words and logo are protected under international trademark law.
Stockland entered the land lease sector in 2019 and last year boosted its presence through the acquisition of existing operator Halcyon Communities.
