Gympie, Hervey Bay at centre of $800m private housing plan

Two ambitious developments in rapidly growing Wide Bay cities are earmarked to play a major part in a multimillion-dollar over 50s housing pipeline along the east coast of Australia.

Two new developments in rapidly growing Wide Bay cities of Gympie and Hervey Bay are earmarked to play a major part in a huge in a multimillion-dollar overs 50s housing pipeline along the east coast of Australia.

Proposed housing developments at Gympie and Hervey Bay are to form key parts of developers’ $800 million plan to create a pipeline of over-50’s accommodation along Australia’s east coast.

Investment companies GreenFort Capital and Gaw Capital Partners have joined together to push forward the plans, which envisions the creation of more than 1200 land-lease homes, a statement from the developers states.

Two new developments in the Wide Bay cities form part of the plan.

Liven Communities was created in 2023 by GreenFort executives Adam Vaggelas, Daniel Cheilyk, and Nick Singleton.

It has bought the existing 26-home Willow Village at the Southside, Gympie, as well as an adjoining 7.5ha block which already has approval for more than 150 homes, as well as indoor bowling, cinema, games room and swimming pool.

Two new developments in Gympie and Hervey Bay are earmarked to play a major part in a multimillion-dollar overs 50’s housing pipeline along the east coast of Australia.

At Hervey Bay it has purchased a 5.7ha site at Beach Rd, Hervey Bay which is in line to be transformed into an estate with more than 130 homes, as well as facilities including tennis courts, a cinema, a lounge and bar.

It is the second joint venture for the developers.

In 2017 they created Reside Communities, which now has a development portfolio boasting more than 1000 homes in Queensland and a value of more than $1 billion.

Reside Communities’ developments have been opened up at Carindale, Robertson, Samford, Hope Island and Maleny.

Mr Vaggelas said in the statement Australia’s rapidly ageing population, lack of housing supply, and deteriorating housing affordability represented a significant opportunity.

“The domestic population base is ageing rapidly, and the provision of affordable housing supply has never been so constrained,” he said.

“We see a compelling opportunity to deliver quality, well located land lease accommodation which will assist senior Australians to downsize and release equity to fund their retirement.”