Ingenia Communities with joint venture partner Sun Communities has acquired a 15.7ha site in Morisset for $28.6m.
The site forms part of the redevelopment of the old Morisset Country Club on Wyee Rd which ceased trading in May 2019.
Winarch Capital held an option on the site from owner Drysdale Metals, who had hoped to develop the site for up to 3000 or 4000 homes before being rejected by Council. The full 91ha site was acquired for $25m and settled just prior to the Ingenia settlement.
The site is zoned RE2 Private recreation which does not permit standard residential housing however Winarch Capital identified the opportunity to create a lifestyle village on part of the site which is permissible under that zone.
Winarch lodged six development applications with Lake Macquarie City Council to turn the Golf Club land into five precincts and creating a venue capable of hosting up to 50,000 people, a cafe and restaurant area, water splash park, tourism accommodation and over-55s housing. The subdivision approval was granted in July 2020.
Winarch also lodged a development application for the establishment of a Lifestyle Village (Caravan Park) containing 428 long term residential sites and two (2) short-term sites with approval granted in August 2020.
Ingenia & Sun Communities will now progress development of the site which has been estimated to cost $23m.
Ingenia and Sun Communities announced their joint venture in February 2019 with news that the group were conducting due diligence on six potential acquisitions including greenfield sites at Burpengary in Queensland and Fullerton Cove in NSW.
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