Grafa
Written by Heidi Cuthbert
Aspen to acquire Wallaroo Shores community for $14.1M
Aspen Group (ASX: APZ) entered a conditional contract to acquire the remaining stages of the Wallaroo Shores master planned community in South Australia for $14.1 million. The 13.45-hectare site is located in the fast-growing Copper Coast region, which is expected to see its population grow by approximately 90% over the next 25 years. A concept masterplan agreed with the Copper Coast Council includes over 300 sites, featuring 200 lifestyle land lease sites, build-to-rent units, townhouses, and a commercial precinct. This acquisition increases Aspen's development pipeline to 16 projects with close to 2,500 sites, diversifying its portfolio across lifestyle land lease, residential BTR, and residential land. Aspen Group said the deal will be funded with debt, with interest capitalized until the project becomes income producing, and will seek formal development approval after settlement.
The 13.45-hectare site is located in the fast-growing Copper Coast region, which is expected to see its population grow by approximately 90% over the next 25 years.
A concept masterplan agreed with the Copper Coast Council includes over 300 sites, featuring 200 lifestyle land lease sites, build-to-rent units, townhouses, and a commercial precinct.
This acquisition increases Aspen's development pipeline to 16 projects with close to 2,500 sites, diversifying its portfolio across lifestyle land lease, residential BTR, and residential land.
Aspen Group said the deal will be funded with debt, with interest capitalized until the project becomes income producing, and will seek formal development approval after settlement.