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Part of a larger community
Unlike many standalone retirement or lifestyle developments, Sovereign Rise is being incorporated into the existing Sovereign Hills community.
Residents will be close to Sovereign Place Town Centre, including shops, cafes and health services.
The over 55s community itself will include a resort style pool, bowling greens, pickleball courts, gym, sauna, cinema and library.
Lewis Land has also announced around $10 million of lifestyle and wellness facilities for the development.
Why it matters
The project is notable not simply because another land lease community is being built.
Lewis Land is an established mainstream property developer and Sovereign Rise represents its first move into the over 55s land lease sector.
It follows growing interest from traditional residential developers and institutional investors in a housing model that has historically been dominated by specialist operators.
Port Macquarie also demonstrates why developers are interested in the sector. Lewis Land says 43 per cent of the local population is aged 55 or older, compared with 29.5 per cent nationally.
For downsizers, the continuing growth of land lease means greater choice, particularly in regional and coastal locations where many Australians already want to retire.
Related on Downsizing.com.au
The Rise of Land Lease Living in Australia
From Caravan Parks to Lifestyle Communities: The Evolution of Land Lease Living
Where Land Lease Communities Are Growing in Australia: Key Demand Corridors
Search Land Lease Communities in NSW
External sources
Lewis Land: Construction begins on Sovereign Rise
Lewis Land: Sovereign Rise project
Lewis Land: $10m lifestyle ameni
