ID Corp has bolstered its residential pipeline and land-lease portfolio, picking up a 400-site greenfield parcel near Geelong.
The group, which includes residential developer ID_Land, home builder Shape Homes, fund manager Title Capital and the over-50s land lease business Next Living, has finalised the acquisition of the land at 439 Boundary Road at Charlemont, 8km south of the Geelong CBD.
The acquisition, which is a multi-year deal, will allow ID Corp to develop the site in two parts.
The site is expected to have an end value of over $300 million, taking the group’s future pipeline to more than $3.5 billion across residential land, medium-density developments and over-50s land lease homes.
Under land lease arrangements, over-50s lease the land from the developer while purchasing the home that is built on it, delivering a lower entry price and lower property taxes.
Each Next Living site would include amenities such as clubhouses, community managers and maintenance staff onsite, the developer said.
Next Living’s future pipeline now sits at more than 1000 homes – surpassing the 1000-home target managing director Matthew Belford set out during the brand’s launch in March, 2023.
The latest acquisition is the group’s fifth in the Armstrong Creek growth area, joining ID Land’s sold-out and complete Watermark, the now-selling communities of Haymont and The Reserve, and Glenlee.
Underpinned by the group’s growing national presence, which now encompasses more than 3000 residential lots in Victoria and another 3000-plus in Queensland, ID Corp has also recently opened an office in Adelaide.
“This acquisition represents everything we look for in a site—a prime location, an ample number of residential lots for ID_Land and homes for Next Living, the prospect of medium-density stages for Shape Homes, and potential fund opportunities for our Title Capital investors,” Belford said.
“We see a strong opportunity in the land lease model.
“For downsizers and older buyers it means a lower entry cost to secure a home, the opportunity to unlock capital by selling their established homes, the ability to lock and leave which will make travelling easier, a sense of community, and better connection to local family members who live nearby.”
The off-market transaction was facilitated by Zaynoun Melhem of RPM Group.
