Ingenia Communities Group announced that the Group's Development Joint Venture with Sun Communities has secured its fourth acquisition - a 13.5ha, DA approved greenfield site on the Sunshine Coast. In addition, the Group has acquired Protea Village, a 60-unit seniors rental village located in Carrum Downs which forms part of Metropolitan Melbourne. Joint Venture land acquisition - The Group's development Joint Venture has extended its presence in Queensland, finalising the acquisition of a second project in the state.

The 13.5 hectare land parcel is located approximately 110 kilometres from the Brisbane CBD within the Nambour gateway to the Sunshine Coast and is within close proximity to Ingenia Lifestyle Nature's Edge. With DA approval for a 230 home community in place, home construction is expected to commence in early 2023 with the first settlements anticipated in FY24. Median house prices in Nambour and the Sunshine Coast are $480,000 and $740,000 respectively.

A total of $15.5 million will be paid for the site. Protea Village, Carrum Downs, Victoria - The acquisition of the established Protea Village, in Carrum Downs, further expands the Group's Ingenia Gardens business and presence in the Victorian market, with proximity to Ingenia Holidays parks at Inverloch, Cape Paterson and Phillip Island. The community comprises 60 units, with community room, commercial kitchen and manager's residence, and is conveniently located close to Carrum Downs Shopping Centre, medical centres, hospitals, libraries and public transport.

The community is located approximately 40 kilometres south-east of the Melbourne CBD. Protea Village, which will be rebranded Ingenia Gardens Carrum Downs, currently has occupancy of 90%, which is below the average for the Group's portfolio (currently 96%), providing opportunity to enhance returns. The $10 million acquisition is anticipated to deliver a stabilised yield of over 9% once the Community is leased up to 96% occupancy, consistent with the balance of the Ingenia Gardens port folio.