Ingenia Communities Group have completed the acquisition of Oakland Village, a partially developed community that was included in the $552 million of acquisitions identified with the Group’s $475 million equity raising announced on 1 November 2021.
Oakland Village represents a rare opportunity to acquire a partially developed lifestyle community with only seven of the approved 147 homes currently complete. There is potential for a further 21 homes, subject to council approval. Oakland Village is located in Beaudesert, Queensland approximately one hour’s drive from both Brisbane and the Gold Coast.
The community sits within a semi-rural location that is undergoing urbanisation, providing a tranquil location with the convenience of proximity to key amenities, including medical and retail services.
The Village will provide affordable community living downsizers in an area which is experiencing strong population growth, with the portion of residents in the Group’s targeted demographic forecast to grow significantly through to 2026. The median house price in Beaudesert is presently $381,000 and has grown 6.7% over the past 12 months.
Simon Owen, CEO of Ingenia Communities, said that Oakland Village offers the opportunity to acquire an approved, partially developed community with the ability to generate settlements in the second half of 2022.
“Oakland Village provides further exposure to the fast growing Queensland market, allowing Ingenia to expand into the popular Scenic Rim Region and capitalise on demand from people moving north from New South Wales and Victoria.
“This acquisition demonstrates our ongoing ability to originate off-market deal flow in an increasingly competitive market. We are continuing to benefit from a focused acquisitions team and to identify opportunities which meet our return hurdles. This acquisition is in line with our strategy to deliver growth in our lifestyle portfolio and rental base,” Mr Owen said.
Following settlement of Oakland Village, the Group will have completed sixteen of the twenty acquisitions outlined in the Acquisitions and Equity Raising announcement on 1 November. The Group remains on track to finalise the remaining four transactions in the first quarter of 2022.
Further information will be provided in the Group’s FY2022 Interim Results announcement on 22 February 2022.