Lifestyle Communities has executed a contract to purchase a site located on Phillip Island, in the township of Cowes, which will be the company’s 24th community.
The site is well positioned 350m from the beach and 2.5kms from the Town Centre, and will provide an affordable, active, and engaging environment for baby-boomers to downsize on Phillip Island.
The acquisition, which will allow for the construction of approximately 260 homes and a new architecturally designed clubhouse, is expected to settle in September 2021 with construction anticipated to commence mid-2022.
Managing Director James Kelly said ” this is an exciting opportunity for Lifestyle to work with the local community and council to create a Lifestyle offer that provides high quality housing and facilities at affordable prices. Since we commenced nearly 20 years ago we have looked at Philip Island for a suitable opportunity and we are delighted to have purchased a great site in a fantastic location. The scale of this community will allow us to build and develop some wonderful facilities that will complement the existing amenity that Cowes has to offer.”
As a result of the acquisition, Lifestyle Communities’ portfolio will increase by approximately 260 home sites to 5,094 across 24 sites in planning, development or under management.
Premium Members can find all Lifestyle Communities Articles, trading Analysis, Annual Reports and Presentations here