This article is from the Australian Property Journal archive
PROMINENT over-50s developer Adrian Puljich has launched a new land lease venture that is targeting a $500 million pipeline of communities to roll out in Queensland by late next year.
Under the name Allira, the pipeline would include for four over-50s lifestyle resorts totalling 1,004 homes. Development applications has been lodged for each, and early site works on the first projects are expected to commence in the next few months.
Allira will be solely owned and directed by Puljich and sit within a wider group of companies that includes the GemLife and Living Gems businesses, which he also heads as director and CEO, with a team of more than 400 staff.
Puljich said Allira would deliver more choice for Australia’s rapidly growing over-50s population, with a mix of boutique communities on infill sites, vertical and greenfield master-planned resorts, including in established towns and suburbs, “which are a first in the land lease sector”, he said.
“These boutique developments will feature between 50 and 90 homes and bring much-needed downsizer housing to key infill areas – including regional locations, close to existing homes and amenities, allowing more over 50s to stay in their neighbourhoods.
The first Allira community is expected to launch to market this month in Rockhampton. It will feature 57 duplex homes, along with a community clubhouse, pool and pickleball court.
Puljich said Allira’s portfolio also included communities in Bundaberg, Toowoomba, and Kilcoy, which were all anticipated to launch by late 2025.
“We’ve been building Allira’s portfolio in some of Queensland’s most desirable and undersupplied markets over the past 12 months,” he said.
“We’re also working on a sophisticated model to support the evolving needs of our residents as they age, assisting them to remain in our communities as long as they choose.
“Once residents move in, we find they want to maintain the active lifestyle and community connections they enjoy in our resorts, and we want to support that.”
Due diligence is underway for Allira to take on four more sites in NSW and Victoria.
“Our plan is to bring Allira communities to market nationwide to meet the significant demand and desire for adaptable, innovative and quality home choice for over 50s.
“Encouraging older Australians to downsize also contributes positively to the broader property market, opening much-needed family-sized housing for younger buyers.”
The land lease sector is attracting growing investment. The Lowy family-backed Assembly Funds Management announced last week it would move into the sector, kicking off with two sites in Victoria and aiming to have more than 10 communities worth over half a billion dollars.
ASX-listed heavyweight Stockland is reshaping its portfolio towards greater weighting in part to land lease communities, and rival Mirvac has made a play into the sector, while in June, Gaw Capital Partners and GreenFort Capital formed a joint venture to acquire and develop an $800 million pipeline of land lease projects.
