Celsius Land – November Update
Over the land 6 months Celsius Land has been providing Development Management Services for a client who is developing four over 55’s lifestyle villages in the growth areas of Perth. Two of these villages, in the City of Armadale and City of Mandurah, will offer a new product being 10 year leases. These long term leases will provide security for residents who may not be able to afford to buy or who want to release the equity from their existing homes. These developments are currently going through planning approvals and are expected to commence construction in the first half of 2021.
During November 2020 we completed our due diligence on a property that we have an option to purchase in Champion Lakes, located in the City of Armadale approximately 22 km South-East of the Perth CBD. We are now finalising an Information Memorandum to raise capital for this acquisition in December 2020. The property has an area of four hectares and, subject to approvals, can be developed into approximately 63 residential lots with development expected to commence in mid-2022. We have looked at over 30 sites in the last six months and are excited to be progressing this one. We are continuing to look for further sites in what is becoming an increasingly competitive market as developers are looking to restock following strong land sales since June 2020.