Work has begun on a $130-million land lease community near Victoria’s second city.
Developer ReGen Living’s debut masterplanned over-55s project is now under way at Waurn Ponds, about 9km south of Geelong.
The community will comprise 195 homes of two, 2½ or three bedrooms, a $10-million clubhouse (pictured above), dedicated active sports precinct, health and wellness space, and a workshop next to an edible garden and greenhouse hub.
ReGen Living is owned and operated by property services company Oliver Hume Property Group.
The developer said the clubhouse would include indoor and outdoor pools, gymnasium, cinema, his and hers steam rooms, wine bar, billiards parlour, co-working space and private dining room.
The active sports precinct will include tennis and pickleball courts, a golf simulator and a sports bar pavilion while the nearby Lakehouse Wellness and Creative Centre features a yoga and pilates studio, as well as a creative arts hub.
With 70,000 Australians already living in land lease communities, demand for this form of housing was expected to continue growing, the developer said.
Research by Oliver Hume shows the population aged 55-85-plus at Waurn Ponds was forecast to grow by 119 per cent between 2021 and 2046.
The existing population of the locale is also expected to begin considering downsizing options, with 3446 residents aged 55 years and older living in homes with four or more bedrooms that they fully own.
ReGen Living chose the Waurn Ponds location for its first project because it is near established amenities where shopping and services were ready to use now, not coming in the distant future, the developer said.
“We spent considerable time researching how people over 55 want to live,” ReGen Living general manager Ashley Duster said.
“Many people starting to think about the retirement phase of their life want to downsize—but not downgrade.
“We understand that they want to free up capital, reduce maintenance burdens, and remain socially connected in an environment that matches their lifestyle aspirations.”
