An artist’s impression of the Thyme Ocean Grove community.
A new player in the Geelong lend lease market has launched a 205-lot, over 50s lifestyle community in Ocean Grove after purchasing the site for $50m.
Serenitas acquired the 7.95ha land parcel on Ocean Grand Drive from Lifestyle Communities, with infrastructure largely complete.
It will become home to Serenitas’s first Victorian Thyme community, as the company begins an expansion into the state.
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The first homes are slated to be finished from August this year, with the project due for completion in four to five years, depending on sales volumes.
Serenitas chief executive Von Slater said it would be the company’s flagship Victorian community, setting the benchmark for future projects.
It already operates more than 30 lifestyle communities across Australia.
“Located within the high-growth Geelong-Bellarine corridor, Ocean Grove has a strong and growing over-50s community, yet limited supply of purpose-built lifestyle housing,” Mr Slater said.
“This creates a real opportunity to deliver something thoughtfully designed for local downsizers.”
An indoor pool will form part of the communal facilities at Thyme Ocean Grove.
Lawn bowls and pickleball courts are planned for the development.
A central clubhouse with a pool, spa, sauna, pickleball courts, cinema, games room and golf simulator will feature at the Ocean Grove development.
Located on the corner of Banks Rd, the community neighbours Ryman’s Deborah Cheetham Retirement Village.
Mr Slater said the first release was attracting strong inquiry from both local residents and people outside the area who saw Ocean Grove as an attractive place to downsize and retire.
“We’re seeing continued uplift in inquiry and growing buyer awareness across Victoria, particularly from downsizers who are feeling housing affordability pressures and looking for smarter alternatives,” he said.
“There’s a clear preference emerging for low-maintenance, lifestyle-focused living, and increasing acceptance of the land lease model as a secure, long-term housing option. For many people, it offers the right balance of financial confidence and community connection.”
Residents will also have lounge access.
Prospective residents at the official Thyme Ocean Grove launch.
Under the lend lease model, residents own their own home, and retain 100 per cent of capital gains when they sell, but lease the land for a weekly rental fee.
Mr Slater said it was helping creating greater housing diversity across Victoria.
“At Thyme Ocean Grove, we’re providing right-sized homes that allow people to downsize within their established Victorian communities, freeing up larger homes for families while delivering housing efficiently, without high-density outcomes,” he said.
Lifestyle Communities reported last year that it received $46.2m in proceeds from the Ocean Grove land sale. It has also offloaded another site in Drysdale for more than $18m.
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