Lifestyle Communities acquires new site on the Mornington Peninsula

The land lease community (LLC) developer has executed contracts to purchase a new site in Tyabb on Victoria’s Mornington Peninsula – an hour south of Melbourne CBD. Tyabb will be Lifestyle Communities’ third development on the Mornington Peninsula if a planning permit is granted. It will also increase the organisation’s portfolio by approximately 185 home sites to a total 3,549. Including Tyabb, Lifestyle Communities now has 18 l LLCs in planning, development or under management. As we reported here, the Mornington Peninsula is proving to be a popular area for senior living developments, with residential property developer Steller also recently investing $430 million for the construction of four new communities in the area.