A $55 million land lease development by Melbourne-based company, Vital Communities, is promising to deliver resort-style homes at $150,000 below the median house price in Bendigo.
City of Great Bendigo Council has approved the development of the 147-home lifestyle community next to the Bendigo Golf Club.
Aimed at the over-50s market, the homes will be built around a resort-style health and wellbeing centre on a 7ha ‘land lease’ estate in close proximity to Epsom Station and local shops.
Vital Communities Head of Acquisitions and Planning, Rob Evans, says residential land lease communities like Vital Bendigo are set to boom in regional Victoria given their appeal among ‘downsizers’ and semi-retirees who value staying active and close to where they live.
“In the land lease model, the resident buys the house but leases the land it sits on to reduce the purchase price.”
“The price of a Vital Bendigo home is about $150,000 lower than the median house price in Bendigo,” he said.
