This article is from the Australian Property Journal archive
INGENIA Communities Group has acquired up an established manufactured home community, Lakeside Lara, in Melbourne for $16.3 million.
Lakeside Lara is a large scale development situated on 8.3ha and comprises 56 existing and occupied homes, 13 completed and unsold homes and 164 development sites with all approvals in place.
CEO Simon Owen anticipates Lakeside Lara will be making a significant contribution to sales and earnings from the 2016 calendar year.
“Lakeside Lara is consistent with our focus on key metropolitan and coastal communities as we further extend our established development pipeline, allowing us to realise development returns while also securing further growth in our large portfolio of stable, rent generating assets,” Owen said.
The sell down of 13 completed and unsold homes is expected to generate gross realisation of over $3.1 million and ongoing collection of home site rents which, at completion of the development, is forecast to exceed $2.1 million p.a.
Australian Property Journal
