Ingenia Communities spends $30m on greenfield sites in Yeppoon and Toowoomba

One of Australia’s largest over 50s lifestyle developers has added another 800 homes to its pipeline after spending almost $30m to buy two Queensland mega greenfield sites.

Ingenia Communities has lodged plans with the Toowoomba Regional Council for a new retirement village for up to 565 homes off Highfields Road in Highfields.

Over 50s lifestyle communities developer and operator Ingenia has secured another two large greenfield sites in Queensland, adding 800 home sites to its growing pipeline.

ASX-listed Ingenia Communities Group paid $8.6m for 29ha site at 5001 Taranganba Rd, Taroomball at Yeppoon, on the coast north of Rockhampton, and $21m for 33h site at 127 Highfields Rd, Highfields, just north of Toowoomba.

Ingenia Communities chief executive John Carfi said the acquisitions increased the number of approved sites in the Group’s development pipeline and secured its ongoing expansion in Queensland which was Ingenia’s strongest market for sales and settlement rates.

“Over the last six months we have been refocusing the business and driving returns, particularly from development, as we pivot from an asset aggregator to an asset developer and operator through the accelerated execution of our development pipeline,” he said.

“The addition of Taroomball and Highlands to our portfolio supports that acceleration along with our continued drive to enhance development returns with well-priced land in attractive locations.

“Additionally, these acquisitions provide greater visibility to Ingenia’s future settlements.”

The site at Taroomball is just 3km from the Yeppoon town centre, and near the Capricorn Coast Hospital and Health Service. It has approval for 286 new land lease homes and associated amenities.

A second site at Highfields was acquired with a DA pending for a 520-home development and associated community activities. The site extends the Group’s presence in the Toowoomba market, where its Seachange Toowoomba community is moving towards completion.