Thomson Geer has advised ASX-listed retirement living specialist, Lifestyle Communities, on its acquisition of two new development sites. Thomson Geer partner, Vicki Sharp, advised on the acquisitions, supported by Lawyer, Sarah Moore.
The Melbourne-based Lifestyle Communities acquired a site in the Melbourne outer northern suburb of Wollert, with the intention of constructing the company’s 16th residential community, comprising 130 homes. In a separate acquisition, it has contracted to buy a 1.27 hectare site adjoining its under-construction Ocean Grove development on the Bellarine Peninsula, outside Geelong. This purchase will allow the addition of a further 27 homes, together with outdoor pool and Aqua club to sit alongside the originally planned 194 dwellings.
These acquisitions will boost Lifestyle’s portfolio of homes by 157, to 2984 in total.
In an interesting trend, Lifestyle Communities reported that baby boomers are driving demand for bigger residences, with the average house size increasing from 90 sqm to 120 sqm in the past 3 to 5 years. Lifestyle Communities Managing Director, James Kelly, said “We have spent so much time getting our product and service match fit for the Baby Boomer and it is starting to pay off.”