Specialist national brokerage firm HTL Property is excited to exclusively bring to market a partially completed, DA Approved Residential Land Lease Community located on the highly desirable Mid-North Coast of NSW. The sale campaign will be jointly steered by Andrew Jackson, HTL's National Director of Accommodation; and Paul Nyholt, Director of Accommodation in QLD.

The Community is approved for 92 homes with 52 homes already completed and occupied. Also completed are community facilities including outdoor swimming pool, BBQ cabana, resident garden and viewing platform adjacent to the community’s ornamental lake. In addition, there is a modern 3 bedroom manager’s house (currently tenanted) included in the community.

Development and construction approvals are in place from Coffs Harbour Council for the additional 40 homes and extended community facilities with strong resident interest already registered.

“This is an opportunity for an incoming purchaser to secure a foothold in the tightly held land lease sector, with a proven community incorporating the benefit of additional approved home lots capable of delivering development profits from the sale of homes in Stage 2 of this community" advised HTL Property's Andrew Jackson.

“The planning risk has been mitigated, all necessary approvals have been achieved and much of the construction has been completed; so the project has been substantially de-risked" Jackson added.

"Further, Stage 1 of the development is sold out; with a vibrant community in residence the sale of Stage 2 homes is made easier as potential home buyers can see what they are buying and clearly visualize

living in this community" Jackson commented.

“Accordingly we anticipate strong interest from developers, operators and investors alike for this asset” concluded Jackson.

Paul Nyholt added that the existing income would also prove attractive as parties contemplate their cash flow models in order to continue to 'develop out' the community.

“The completed and occupied sites provide an incoming purchaser with a substantial recurring income, one that is highly passive and secure. Income from site fees was in excess of $400k in the 2023 financial year, and this will grow steadily as more homes are sold” Nyholt said.

“This income compounds when also factoring in the profits being achieved on new home sales” added Nyholt.

The Coffs Harbour region is one of the most popular retiree destinations in NSW, with over 50’s choosing the location for its pristine beaches, nature and coastal walks, unique and iconic experiences - as well as its great year-round climate and relaxed yet vibrant lifestyle.

“Brookhaven Village is located in the Coffs Harbour hinterland suburb of Bonville, home to world famous golf resort Bonville International Golf Resort. Sited approximately 10km south of Coffs Harbour airport and an easy 20 minute drive time to all the amenities of a major regional city including Regional Shopping Centre, Public Hospital and entertainment facilities. The location and connectivity are ideal for the targeted demographic of a Residential Land Lease Community" (RLLC) commented Nyholt.

“Retirees are not only attracted to the relaxed, lifestyle but also the affordable housing options in the area. Sharp residential price increases over the past two years has increased the median house price to $780k – new homes in Bonville are approximately 80% of the median value; hence Brookhaven presents as an affordable location for retirees, particularly by comparison to many other coastal locations" believes Nyholt.

RLLCs also known as Manufactured Home Estates (MHEs) are a rapidly evolving asset class and have now well-established themselves as a legitimate segment of the Seniors Living housing market. Due to the certainty of income provided via site fees, as well as the simple management structures and large landholdings underpinning long-term value; RLLCs have gained the attention of the broader commercial investor market.

“We are seeing strong demand for established land lease community assets, and this has resulted in steady yield compression over the last decade. An undersupply of established assets in the sector and continuous demand has led to the next phase in the sector's evolution; being development opportunities such as this one" added Nyholt.

"Demand for both established communities and greenfield development opportunities has remained strong over the last few years. Despite the pandemic, this asset class proved to be extremely resilient with little, if any negative impact to values or cash flows. General sentiment from experienced market participants remains buoyant, and we expect this to continue to intensify given the particularly sound underlying fundamentals of the asset class" added Jackson.

Brookhaven Village is for sale via an exclusive Expression of Interest Campaign - concluding 19 October 2023.