Leading national pureplay land lease communities group GemLife has settled the initial acquisition of developer Aliria for a headline price of $218 million, after listing on the Australian Securities Exchange (ASX) early this month (3 July 2025).
The acquisition sees GemLife take over a major portion of Aliria’s land lease portfolio, comprising eight projects across Queensland and New South Wales, with a potential yield of 2200 homes.
The boutique Aliria on Dean resort in Queensland’s Rockhampton, the first of the Aliria communities on the market, will be rebranded to GemLife on Dean from today (16 July 2025). Construction is well underway on the 57-home community, with first settlements on track for September.
The balance of the Aliria sites have development approval secured, lodged, or applications are being finalised, and are located in Kilcoy, Sunshine Coast, Burnett Heads, Clarence Valley and Toowoomba, with two sites in Logan.
The agreement to acquire Aliria—a company founded in 2024 by Adrian Puljich, who also established GemLife in 2015 as a joint venture with Thakral Capital—was entered into as part of the $750 million Initial Public Offering (IPO) for GemLife.
The acquisition brings GemLife’s total pipeline to 28 land lease communities and development sites, with a potential yield of 8711 homes across Queensland, New South Wales and Victoria.
GemLife Managing Director and Group CEO Adrian Puljich said it solidified GemLife’s position as one of Australia’s largest residential land lease developers, builders and operators, shoring up its development pipeline.
“The acquisition of Aliria’s communities and development sites complements the GemLife portfolio, and ensures we have an active pipeline of homes to develop in key regions over the next decade, with demand for premium resort-style over-50s living growing exponentially.
“Land lease communities are an essential pillar of Australia’s housing market, and our focus is on delivering high-quality, low-maintenance homes in fantastic locations, supported by onsite amenity that encourages residents to stay active and connected.
“As we provide an attractive and achievable alternative for people to downsize, we’re helping to free-up housing for younger generations who are grappling with the impacts of a shortage of new supply.”
Mr Puljich said GemLife had brought several new communities to market since December (2024)—the 489-home GemLife Elimbah in the Moreton Bay region and the 422-home GemLife Highfields Heights in Toowoomba—with plans to launch more projects this year.
“Together, those two communities are delivering more than 900 homes for over-50s, in highly sought-after regions,” he said.
“We’re finalising plans for several other new communities to further bolster our active pipeline of developments. The market appetite is strong, and we’re focused on continuing to evolve, innovate and reshape over-50s living for today’s downsizers.”
A further four Aliria projects, which are the subject of options/conditional contracts, are expected to be acquired between late FY25 and FY31. These acquisitions will bring GemLife’s portfolio to 32 communities, including developments in South Australia, with a total of 9836 sites.
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