Diversified property group ID_Corp has unveiled plans to launch a new land lease community venture, Next Living.
The over-50s gated community product will be rolled out through ID_Land’s existing pipeline across Victoria and Queensland.
ID_Corp managing director Matthew Belford said Next Living would target downsizers for more than 1000 residences in its first five years on the market at Gisborne and Clyde in Victoria, and Walloon in Queensland.
Belford said the strategy was to deliver housing options that were affordable across a range of sectors in the property market, and Next Living allowed the company to capture a new demographic within the residential market.
“We’re proud to be launching Next Living and supporting further expansion for the ID_Corp group of companies, while reaching a new audience demographic in the process,” Belford said.
“The addition of Next Living to our portfolio will complement our existing development, homebuilding and investment divisions, utilising sites within our current pipeline to the deliver our first Next Living land lease communities.
“Next Living will target downsizers ready to embrace the freedom of land lease community living, in locations that present the opportunity to be close to family members in existing and future ID_Land communities.”
It’s a market that is expected to boom with Australian Bureau of Statistics data revealing that the number of Australians aged over 65 will rise from 18.6 per cent in 2023 to 20.7 per cent in 2033.
The land lease arm joins ID_Corp’s $3.5-billion portfolio, which also includes property development, construction and funds management.
Next Living will provide a variety of home builds, residents’ clubhouses, community managers and maintenance staff on site.
“Since launching ID_Land in 2009, we have never stopped looking for the right opportunities to further diversify our company’s offering in-line with our long-term strategy,” Belford said.
“Next Living marks the next step in the ID_Corp expansion, and we look forward to officially launching to market.”
Belford said a key drawcard of Next Living’s projects would be the comfortable, lock-and-leave style living for those ready to enter the next phase of life.
