Private development group Lewis Land has announced plans to grow its land-lease portfolio after securing approval for a major over-55s project within its Sovereign Hills master-planned community at Port Macquarie.
The 135-dwelling Sovereign Rise is the latest project in a $4.5 billion mixed-use development pipeline for the Sydney-based company which was founded by the late Bernie Lewis in 1957.
Sovereign Hills is a 2,000-lot master-planned community which has been under development for the past 17 years by Lewis Land and anchored by the Sovereign Place Town Centre.
The 350ha development is home to more than 2,500 people who are also serviced by a school and childcare centres within the project.
“The inclusion of a premium over-55s lifestyle estate adds further diversity and choice within the masterplan to cater to the growing number of downsizers in the region, who want to retire close to family and social networks,” says Lewis Land’s head of development Michael Long.
“Lewis Land is 68 years old, that’s a similar age to many of the people who will call Sovereign Rise home,” he says.
“It’s a history we are fortunate to draw on, and we’ve invested in leading architecture and urban design to create places exclusively for the over-55s market that feel open, green and connected.
“That means larger lot sizes, 10-metre boulevard-style streets, extensive landscaping, generous driveways and a mix of two-bedroom and three-bedroom house types perfect for this growing demographic, alongside premium lifestyle and recreation spaces to promote healthy living through community and wellness facilities including resort-style lap pool, bowling greens, pickleball courts, gym, sauna, hot tub, cinema and library.”
Lewis Land is known for investing patient capital across its development portfolio, which includes the Sovereign Islands luxury residential enclave on the Gold Coast, development of which spanned a decade from the late 1980s to the 1990s.
The company is also currently undertaking the $1.5 billion Harbour Shores master-planned development at Biggera Waters next to Harbour Town which will ultimately comprise more than 2,000 apartments, villas and penthouses. The vacant 15.7ha Harbour Shores canal-front site has been owned by Lewis Land for the past four decades.
Lewis Land says the Sovereign Rise over-55s development at Port Macquarie is the first of a new portfolio of land lease projects planned by the group.
The company has not yet revealed any potential future sites where it plans to grow the portfolio.
Lewis Land’s rationale to kick off its land-lease portfolio in the NSW mid-north coast town is based on Australian Bureau of Statistics data showing that while 29.5 per cent of Australians are aged 55 and over, Port Macquarie’s share of this demographic sits at 43 per cent.
Land lease communities are seen as a key growth opportunity for the group as they provide an affordable downsizing option for an aging population, with lower entry costs, no stamp duty and the ability to retain capital gains.
The company plans to launch Sovereign Rise early next year, aligning with a proposed start to construction of the project.
“Sovereign Rise will be delivered in stages over the next five years,” says Trent Kelly, Lewis Land’s senior development manager.
“Stage one will commence in early 2026 and will deliver 60 homes and the lifestyle and recreation amenities, which includes a central clubhouse and wellness centre, resort-style pool, bowls green, pickleball courts, cinema and library.
“Based on the current construction program, we’ll be welcoming our first residents by mid-2027.”
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