A regional first $120 million over-50s lifestyle home and community hub development has been approved in Wangaratta and is set to deliver 227 homes among a raft of extensive lifestyle and recreation amenities by the end of next year.

Leading over-50s lifestyle community provider Lincoln Place has acquired a 16.3-hectare site at 126 Lindner Road, just across from Respect St John’s aged care facility in the rural city’s west.

It will deliver the region’s first master-planned land lease community to cater to the population’s growing number of downsizers.

The $120 million masterplanned lifestyle estate is set to deliver 227 homes, a central clubhouse, and lifestyle and recreation amenities.

Lincoln Place chief executive officer Paul Yeo said the project would deliver new housing supply and a significant number of local jobs over the course of the next five years, with construction expected to commence early next year.

“We know there is demand for quality downsizing options in Wangaratta, with over 55’s accounting for 40 per cent of the local population, significantly higher than regional Victoria’s average of 30.7 per cent,” he said.

“Providing quality new homes for downsizers within their own community enables people to free up space and capital to pursue their travel and lifestyle aspirations.

“Our vision for our Wangaratta lifestyle estate is to deliver thoughtfully designed homes and a multi-million-dollar investment in recreation amenities that create spaces for residents to live life well.

“The secure, gated community will include a state-of-the-art clubhouse, wellness centre and recreation spaces that promote an active, social lifestyle, including a heated pool, private theatrette, lawn bowls green and pickleball courts.

“The landscaped grounds will also feature an array of barbecue areas, pocket parks, a community garden and green spaces.”

Mr Yeo said the new lifestyle was located close to high-quality health services, retail and dining options, along with endless opportunities to explore regional Victoria.

“Wangaratta’s new over-50s lifestyle estate will be designed as an extension of the existing neighbourhood with a selection of architecturally designed two and three-bedroom floor plans and facades across a range of single-storey homes,” he said.

“We look forward to welcoming our first residents by the end of next year.”

Mr Yeo said the new community would create opportunities for people over 50 to downsize through the land lease model, a popular housing option in Australia and internationally that allows you to purchase a home, while leasing the land.

“When you buy into a land lease community you own your home outright, but there’s no stamp duty, body-corporate fees or deferred management fees, and no council rates,” he said.

“The only ongoing cost is a weekly site rental fee for the land that also covers the maintenance of the community and the extensive lifestyle amenities.”

Information sessions will be held locally in the coming weeks.

To find out more or to enquire, visit www.lincolnplace.com.au