This article is from the Australian Property Journal archive
ASX-listed Lifestyle Communities has picked up a development site in Tyabb that will become its third retirement community on Victoria’s Mornington Peninsula.
The group’s portfolio will increase from around 185 home sites to 3,549, which includes sites in planning, development or under management.
The Tyabb community adds to sites in Hastings and Bittern in the region, the latter of which managing director James Kelly said has been the group’s fastest-selling community to date.
Kelly said the purchase contracts are conditional on obtaining a planning permit.
“Given Lifestyle Communities’ track record of developments on the Mornington Peninsula and the strong demand for affordable retirement accommodation, the Company is confident a planning permit will be received.”
He said the Tyabb site met the investment criteria of Lifestyle Communities when selecting new sites, highlighting the catchment area’s median house price of around $630,000; and its population of around 164,000 people, of which 69,470 are aged over 50.
Australian Property Journal
