Toowoomba’s Living Gems lifestyle resort bought by Stockland in $210m land lease project deal
A $9.8bn property development firm has bought a Toowoomba retirement resort as part of a five-project land lease community deal worth $210m.
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An over-50s retirement resort in Toowoomba’s western suburbs has been bought by one of Australia’s largest property development companies as part of a deal worth $210m.
Diversified property giant Stockland has snapped up the Living Gems Toowoomba site along with four other prospective land lease community (LLC) projects across southeast Queensland from the Living Gems Group.
The Glenvale resort, which features about 200 home sites with the potential to grow, is the only currently-built facility in the deal.
Stockland expects the four future community projects at Beerwah, Burpengary East, Logan Village and Eagleby Heights to be under construction within 12 months, with the deal to add nearly 1300 home sites to the company’s Stockland Halcyon platform.
Stockland Communities chief executive Andrew Whitson said the company now had a strong foothold in southeast Queensland, which he believed was the deepest land lease market in Australia.
“The acquisition of these five communities aligns with our strategic land lease growth plans, builds on our competitive strengths in masterplanned communities to generate quality recurring income, and leverages Stockland Halcyon’s proven track record of delivery in SEQ,” he said.
Living Gems chief executive Adrian Puljich said the divestment would benefit both companies in the long run.
“We are confident Living Gems Toowoomba is in safe hands with Stockland, whose experience, strong cultural fit and proven track-record integrating and expanding Stockland Halcyon will ensure a seamless transition,” he said.
“We look forward to maintaining our strong relationship with homeowners in our eight retained Living Gems resorts, while continuing to innovate and bring new communities to the market, including across the four greenfield sites that remain under our ownership.”
The transaction is expected to be finished within weeks.
Living Gems started work on its massive block in 2016, with the country club completed two years later.
Major facilities at the resort include a ballroom, cinema, heated swimming pool, spa, sauna, barbecue pavilion, gym, bowling green, tennis court, games room, hair salon, library, music room, workshop plus an art and craft studio.
The project was first proposed to council in 2013 as a 153-dwelling resort, with expansions subsequently being approved in later years.
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