This article is from the Australian Property Journal archive
STRONG performer Ingenia Communities has embarked on its second acquisition this week, purchasing a new greenfield community in the Victorian town of Ballarat.
Located in Lucas, approximately 7km from the Ballarat city centre, the 163 sites 6.4-hectare community. The site is located in the Ballarat West Growth Zone and has good proximity to services and amenities including health, leisure, retail and transport facilities. The median home price in the surrounding suburb is $425,000.
The site was acquired for $7 million from the Ingenia managed Eighth Gate fund management platform, following recent security holder approval.
To be known as Ingenia Lifestyle Parkside, the community includes a swimming pool, gym, community hall and caravan parking. Ingenia has also optioned an adjoining 3.3-hectare site for $4.3 million which, subject to council approval, would provide for an additional 90 home sites.
This acquisition comes hot on the heels of Ingenia spending $16 million for the Sunnylake Shores community earlier in the week.
Despite the COVID-19 pandemic, the company has been buoyed by record home settlements in FY20.
