- Lifestyle Communities (LIC) has signed a sales contract to purchase a site located in Clyde North, Victoria
- Lifestyle develops, owns and manages affordable independent living communities for people over 50
- This marks the company’s 21st community and will be used to develop around 275 homes within the expanding Casey corridor
- Further, Lifestyle has purchased an additional 1.2-hectare site adjacent to its existing site in St Leonards
- Lifestyle’s shares are up 2.33 per cent and are trading for $7.92 each at market close
Independent living company Lifestyle Communities (LIC) has signed a sales contract to purchase a site located in Clyde North, Victoria.
Lifestyle Communities develops, owns and manages affordable independent living
residential land lease communities for people over 50.
This will be the company’s 21st community, and will be used to construct and develop approximately 275 homes within the rapidly expanding Casey growth corridor.
The Casey growth corridor falls under the Victorian Planning Authority’s urban development plan.
Settlement of this acquisition is expected to occur in mid-2021 and construction is expected to begin shortly afterwards.
“We are pleased to add another site to the portfolio in Melbourne’s south-east where we have an established brand and strong track-record,” Managing Director James Kelly said.
Additionally, Lifestyle Communities has executed a contract of sale to purchase an additional 1.2-hectare site adjacent to its existing site in St Leonards.
As a result of these recent acquisitions, Lifestyle Communities’ portfolio will increase to 4288 home sites, which includes sites in undergoing planning, development or are under management.
Lifestyle’s shares are up 2.33 per cent and are trading for $7.92 each at market close.