Ingenia swoops on Nambour project site brainchild of Andrew and Jo Pitcher in $15m-plus deal

A major lifestyle village firm has splashed more than $15m to secure a greenfield site in Nambour earmarked for a $70m-plus new residential project.

The site of the $70 million lifestyle village at 3-53 Savilles Rd, Highworth.

An ASX-listed major player in over-55s lifestyle villages has swooped on a development site in Nambour in a deal worth more than $15m.

Ingenia Communities Group announced on September 16 that it had acquired a DA-approved greenfield site in Nambour earmarked for a 230-home community.

The company acquired The Grove Lifestyle Highworth site – a project which had been the brainchild of Grove Partners Pty Ltd.

Grove Partners co-director Andrew Pitcher said recently he had planned to start construction of the $70m lifestyle village at Savilles Road, Highworth, in mid-2022, after it received Sunshine Coast Council approval on July 30.

Mr Pitcher said last week they had fielded several approaches from “well-known brands regarding our property” such was the demand for lifestyle living options across southeast Queensland.

“As an ASX-listed company, we take the view that Ingenia’s purchase of our site is a tremendous sign of private sector confidence in Nambour,” Mr Pitcher said.

Ingenia Communities chief executive Simon Owen said last week construction was expected to start in early-2023 with first settlements tipped to take place in the 2024 financial year.

Andrew and Jo Pitcher received the green light for their $70m-plus lifestyle village project at Highworth in July, before Ingenia swooped on the opportunity, paying more than $15m for the approved site.

The Highworth acquisition marked the fourth as part of the group’s development joint venture with Sun Communities.

Mr Owen said the joint venture had another four projects “optioned or under conditional contract, subject to development approval”.

“The Sunshine Coast is an established retirement destination and a key target market for the group,” Mr Owen said.

“We have recently commenced the expansion of Nature’s Edge, which will provide settlements in FY22 and this opportunity further extends our sales pipeline in this attractive market.”

Mr Owen confirmed a total of $15.5m would be paid for the site.

As well as the Nature’s Edge lifestyle village in Buderim, the group also boasted Ingenia Holidays Rivershore, formerly Rivershore Resort, a popular holiday destination at Diddillibah.

Mr Pitcher said Ingenia had the “capital and proven construction track record to deliver the project in a timely manner” to the high quality required which met all conditions of the approval.

The Highworth project had received some criticism during the application phase from some locals and a nearby respite home.