Ingenia Secures two sites for Sun Communities JV
In February 2019, Ingenia announced it was conducting due diligence on six potential acquisitions for the Sun Communities Joint Venture and this week, Ingenia confirmed that is has contracted its first acquisition, with agreement to purchase greenfield sites at Burpengary in Queensland and Fullerton Cove in NSW.
Both sites are in markets where Ingenia sees strong demand and has existing communities within the region. Combined, the sites provide the potential to deliver approximately 350 new homes through the creation of new master-planned communities.
The 9.5-hectare, Burpengary site is located approximately 35 kilometres from the Brisbane CBD within Brisbane’s Northern Growth Corridor with potential for 233 homes. Approval is in place for the first 131 homes and a Development Application for a further 102 sites has been lodged. The ‘build ready’ site has lead-in infrastructure, initial civil works and road network in place, providing the opportunity to commence on site immediately and deliver settlements in FY20. The acquisition is expected to settle in May 2019. A total of $17.75 million will be paid for the full site.
The Fullerton Cove site on the NSW North Coast approximately 20 kilometres north of Newcastle, is also due to settle in June 2019. The 9.2-hectare land parcel has approval for 145 sites and is being acquired for $5.5 million. The Joint Venture plans to amend the current plans to cater for 119 homes. The project will leverage the success of the Group’s nearby Latitude One development and extends Ingenia’s presence on the attractive NSW Coast.
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