Vertical land lease communities set to redefine retirement living options
In a ground-breaking move for Australia's housing sector, the first vertical land lease community has been approved on the Gold Coast, redefining retirement living options. Traditionally, land lease communities have been expansive, single-level developments situated on the urban fringe or in regional areas due to the land needed for community amenities. This new vertical model enables multi-storey living closer to city centres, offering retirees the convenience of urban amenities without sacrificing the benefits of a land lease arrangement.
In a land lease community, residents purchase their homes and lease the land beneath them. This model provides financial advantages, such as exemption from stamp duty and potential eligibility for Commonwealth rent assistance. Additionally, many land lease communities offer premium amenities, including clubhouses, pools, and recreational facilities, fostering a vibrant and socially engaging environment for residents. While a vertical land lease community will more closely resemble apartments, the homes will still need to be demountable to meet legislative requirements.
The first vertical land lease community will be built by GemLife, comprising of six three-storey buildings and one four-storey building, housing a total of 205 three-bedroom homes. Despite its multi-level design, the project emphasizes green space, dedicating 70% of its 14-hectare site to green space for the creation of public and private spaces, and wildlife corridors. Residents will also have access to a three-level country club featuring a 55-seat cinema, two bowling alleys, a 25-meter indoor pool and spa, lawn bowls rinks, a pickleball court, a gym, a hair salon, a wine room, a workshop, and consulting rooms.
Vertical land lease communities combine the affordability and community aspects of traditional land lease living with the convenience of city proximity, offering retirees more housing options. This innovative model could redefine retirement living, opening the door for retirees to benefit from both community living and urban convenience. We’ll be following this development closely!
Traditional land lease community.