Serenitas buys another LLC site
Serenitas – owned by Mirvac, Pacific Equity Partners and Tasman Capital Partners – has acquired a land lease community site between Busselton and Margaret River.
The over-50s accommodation provider is paying $30 million for the 14 hectare parcel on Rendezvous Road, Vasse.
Stockland was the seller; it obtained a permit early last year for a 214-home community for its over-50s residential brand, Halcyon.
The $142m project forms part of its broader Vasse masterplanned community.
Serenitas already operates the neighbouring Vantage at Vasse land lease community.
The deal comes four years since Stockland pursued buying Serenitas from GIC, before Mirvac, Pacific Equity and Tasman secured the platform in a $1 billion-plus deal the following year.
Approved project changes hands
The Rendezvous Rd site is also earmarked for a clubhouse, wellness centre, 25 metre heated swimming pool, cinema, pickleball courts and men’s shed.
The dwellings will be detached. Each was also expected by Stockland to achieve a minimum seven-star Nationwide House Energy Rating Scheme standard.
Land lease communities have become one of the country’s fastest-growing residential sectors, with residents purchasing their homes while leasing the underlying land from the community operator (continues below).
The model typically avoids upfront costs such as stamp duty on the land component and includes access to shared community facilities, making it increasingly popular with downsizers.
GemLife and Ingenia Communities are other major industry players.
Serenitas backs south west again
Serenitas entered the LLC sector in 2017; it is 40pc owned by each of Mirvac and Pacific Equity with Tasman Capital holding the balance.
It holds several Western Australian assets including National Lifestyle Villages and The Outlook at Albany, as well as Vantage.
Its portfolio also includes properties in Queensland and New South Wales.
It owns four Victorian assets, three on the Bellarine Peninsula including Ocean Grove (pictured, top), the other in Sunbury.
Vasse is about 240 kilometres south of Perth’s CBD.
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