Ingenia spends $16m on Sunnylake Shores lifestyle community

Sunnylake Shores in Budgewoi, about 110 kilometres north east of Sydney.

Ingenia Communities has spent $16 million on a lakeside over-55s village on the NSW Central Coast.

The 4.2 hectare Sunnylake Shores at 2 MacLeay Drive, Budgewoi, includes 90 permanent homes and permission to build 38 more.

Some of the proposed dwellings – on blocks fronting Lake Munmorah – are to be offered for in excess of $500,000 this financial year, the purchaser said.

The village occupies a 4.2 hectare site on Lake Munmorah.

The asset includes a jetty, boat ramp, community hall with library, billiards table and lounge, a swimming pool, half-sized tennis court and BBQ area.

Ingenia said it is picking up Sunnylake Shores on a 6 per cent yield which “will increase as the remaining sites are developed and additional homes are added to this well-maintained community”.

The first settlements for these new residences, the company said, are anticipated in five months.

Its new property is close to two other Ingenia over-55s communities acquired since last December, Bevington Shores in Halekulani and Lake Munmorah Residential Resort, at Lake Munmorah.

Budgewoi is about 110 kilometres north east of Sydney and half that distance south west of Newcastle (story continues below).

Wyong Hospital, Tuggerah Lakes Private Hospital, and shopping centres Lakehaven and Westfield Tuggerah are within a 20 minute drive.

We are looking to buy more: Ingenia

Ingenia chief executive officer Simon Owen said the company retains “significant capacity for future acquisitions” and is reviewing multiple sites as it seeks to enhance its scale and generate cash flows and investment returns.

“Despite disruption to the Group’s sales momentum as a result of restrictions imposed in response to the COVID-19 pandemic, Ingenia closed the year with a total of 325 new home settlements (including an initial seven settlements at Ingenia Lifestyle Freshwater, the Group’s first joint venture project with [New York listed] Sun Communities)” a company statement said.

“The weighted average sales price was $430,000 and margins remained in line with 1H20,” it added.

“This strong result is just below the record 336 settlements achieved in FY19,” Mr Owen said.

“We are continuing to see demand for homes across our communities under development with a further 179 contracts and deposits in place supporting future settlements”.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco