Key highlights
· Off-market acquisition of two greenfield sites at Yeppoon and Highlands
· Secures further growth in the attractive Queensland market with potential for over 800 home sites
Ingenia Communities Group (ASX: INA) today announced the acquisition of two greenfield Queensland sites, securing further growth in the attractive Queensland market as the focus on the Group’s land lease development pipeline continues to be a driver of future growth. The sites, at Yeppoon and Highfields, provide over 800 home sites in sought after locations and have been acquired on attractive terms.
The 29-hectare site at Taroomball (Yeppoon) is located in an area renowned for its beaches and scenic natural environment, approximately 40 minutes from Rockhampton airport and the town centre. Just 3 km from the Yeppoon town centre, and with close proximity to the Capricorn Coast Hospital and Health Service, the site provides convenient access to services and amenities. The Taroomball site has approval for 286 new land lease homes and associated amenities.
A second site at Highfields in Queensland has been acquired with a DA pending. The 33-hectare site extends the Group’s presence in the attractive Toowoomba market, where the Group’s Seachange Toowoomba community is moving towards completion. The Highfields site is located 15 kilometres north of the Toowoomba town centre, approximately 2 hours’ drive from Brisbane. The Group secured the site off market and is well progressed with a development application which proposes a 520-home development and associated community facilities.
John Carfi, CEO of Ingenia Communities, said that the acquisitions increased the number of approved sites in the Group’s development pipeline and secured its ongoing expansion in Queensland which is 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. 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,” Mr Carfi said.