This article is from the Australian Property Journal archive
ASX-listed Lifestyle Communities has bought into Phillip Island, adding a site in the township of Cowes to their portfolio.
The site, which will become the group’s 24th community offering sits just 350m from the beach and 2.5km from the Cowes Town Centre.
“This is an exciting opportunity for Lifestyle to work with the local community and council to create a Lifestyle offer that provides high quality housing and facilities at affordable prices,” said James Kelly, managing director.
The new community will have the capacity for 260 new homes, bringing Lifestyle Communities total portfolio of assets under contract, in planning, development or under management to 5,094.
The new homes and architecturally designed clubhouse will target baby-boomers looking to for an affordable option to downsize on Phillip Island.
“Since we commenced nearly 20 years ago we have looked at Philip Island for a suitable opportunity and we are delighted to have purchased a great site in a fantastic location. The scale of this community will allow us to build and develop some,” said Kelly.
The acquisition is due to be settle in September of 2021, with construction on the site expected to commence in mid-2022.
