Lincoln Place has paid $8 million for a 10.2ha site with planning approval for a 209-home over-50s lifestyle estate in Victoria’s East Gippsland.
The lifestyle community provider plans to begin early works on the Eagle Point site before the end of the year to meet what Lincoln Place chief executive Paul Yeo described as significant unmet demand for quality downsizer homes in the Gippsland Lakes region.
The $100-million Eagle Point Lifestyle Estate is to be delivered in stages over five years, and the first residents are expected to arrive by Christmas 2026.
Yeo said the development would include resort-style amenities including a clubhouse with cinema, library and alfresco dining areas alongside a wellness centre with gym, heated pool and yoga studio.
The project would also include a competition-sized bowls green and pickleball court.
The development would comprise two and three-bedroom single-storey homes.
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The site’s elevated position would allow homes to be stepped to capture water views of Eagle Point Bay, the company said.
Yeo said almost a third of Eagle Point’s population was aged over 55 years, a figure expected to increase as the coastal region gains popularity.
“Providing quality new homes for over-50s is an important pillar of the housing ecosystem and there is significant unmet demand for lifestyle estates of this calibre in the region,” he said.
“Lincoln Place will deliver the largest lifestyle estate of its kind in East Gippsland, and we are working at pace to commence early works in the coming months.”
The development would operate under a land lease model where residents own their homes but lease the land.
Under the model, entry and exit fees, stamp duty, body corporate fees and council rates are eliminated in favour of a weekly site fee covering land use and amenity maintenance.
Lincoln Place operates 23 communities across Australia’s east coast that are home to more than 3000 residents.
The company plans to begin early works on another of its projects, a 350-home lifestyle community at Mount Low in Townsville, within weeks.
The $200-million Northern Beaches Lifestyle Estate is Townsville’s first over-50s land lease development in more than five decades.
First homes at the Northern Beaches Lifestyle Estate are scheduled for completion by Christmas of 2026.
