ID_CORP expands next living land lease business with Geelong acquisition

ID_CORP, the group which includes residential developer ID_Land, home builder Shape Homes, fund manager Title Capital and over-50s land lease business Next Living, has finalised the acquisition of a 400-dwelling parcel of land at 439 Boundary Road in Charlemont, 8km south of the Geelong CBD.

The acquisition – which is a multi-year deal – will allow ID_CORP to develop the site in two parts, bolstering the residential pipeline of ID_Land as well as the land-lease portfolio of Next Living.

The latest Geelong site is expected to have an end value of over $300 million, taking the ID_CORP future pipeline to more than $3.5 billion across residential land, medium-density developments and over-50s land lease homes.

The land lease offering means over-50s can lease the land from the developer while purchasing the home that’s built on it – meaning a lower entry price and lower property taxes. Additionally, each Next Living site will include amenities such as clubhouses, community managers and maintenance staff on-site.

Next Living’s future pipeline now sits at more than 1,000 homes – surpassing the 1,000-home target that ID_CORP managing director Matthew Belford set out during the brand’s launch in March 2023.

The latest acquisition will be the group’s fifth in the Armstrong Creek growth area, joining ID_Land’s sold-out and complete Watermark, the now-selling communities of Haymont and The Reserve – both of which offer opportunities through the group’s in-house funds management business Title Capital – and Glenlee.

Underpinned by the group’s growing national presence, which now encompasses over 3,000 residential lots in Victoria and another 3,000+ in Queensland, ID_CORP has also recently opened an office in Adelaide, a market which presents the group with further growth opportunities.

The acquisition is a reflection of ID_CORP’s continued focus on residentially zoned land where all its business functions can integrate within the one development, according to managing director Matthew Belford.

“This acquisition represents everything we look for in a site – a prime location, an ample number of residential lots for ID_Land and homes for Next Living, the prospect of medium-density stages for Shape Homes, and potential fund opportunities for our Title Capital investors.

“This vertical integration allows us to deliver something for all types of buyers – younger families can secure a house and land package in a growing suburb, while their parents can downsize to a land- lease home and live within walking distance of their children and grandchildren. It’s location adjacent to Iona College Geelong, which will eventually have upwards of 1,500 students, also provides convenience.

“Armstrong Creek is a market we know well and one that we continue to have tremendous confidence in – with connectivity to both Geelong and Melbourne, accessible housing options and a rapidly evolving local community, it’s a region that is poised for sustained growth.

“We see a strong opportunity in the land lease model. For downsizers and older buyers, it means a lower entry cost to secure a home, the opportunity to unlock capital by selling their established homes, the ability to lock and leave which will make travelling easier, a sense of community, and better connection to local family members who live nearby in an ID_Land community,” Belford said.

The off-market transaction was facilitated by Zaynoun Melhem of RPM Group.