Success and More Interesting Stuff
Business:Investing
Australia has 12 million empty bedrooms... So could this company crack the housing crisis code?
The company’s land rent model is spreading across Victoria at an ever-increasing rate. To date, more than 30 villages within driving distance of Melbourne have been built or are in the planning stage. In total, more than 5,700 homeowners have been accommodated with many more to come.
Lifestyle Communities started life modestly. At the helm was property veteran James Kelly ably assisted by his partners Bruce Carter and Dael Perlov. The company debuted on the ASX four years later, quietly backdooring into a listed cash box. Over the next 17 years, only the insiders and some unsuspecting investors have enjoyed the stunning 2,500% return. Today the company has a market value of $1.7 billion.
Today, Kelly, at 64 years old, is a prime candidate to be a Lifestyle Communities customer. I get the feeling though that he is still happy to keep the accelerator to the floor.
I first met James not long after the company listed on the ASX in 2006. He has always been an engaging, upbeat individual, defying the typecast property developer image. In this podcast, he takes investors through the journey, and shares what keeps him inspired after 21 years in the business.
Note: This episode was recorded on Wednesday 28 February 2024.
Timecodes:
0:00 - Intro
2:33 - From an idea in a cafe to a $1.8 billion company - coming up with the Lifestyle Communities concept
5:36 - The transformation of the retirement industry
7:17 - Early financing struggles and selling the concept
11:28 - The intrinsic desire to be part of a community
13:03 - James Kelly's upbringing, family life and first foray into property
16:03 - The lasting impact and legacy of property investment and development
17:14 - The key to successful property development
19:04 - Experiences that created the leader James Kelly is today
25:52 - The importance of pricing risk as a busy owner
29:22 - The Lifestyle Communities model and its first development
34:09 - Backdoor listing on the ASX
37:18 - Lifestyle's most recent capital raise and plans for the future
40:38 - The transformation of Lifestyle's share register
41:56 - The opportunity in Generation X
45:56 - Why leaders/managers should focus on being kind
47:46 - How to solve Australia's housing crisis
50:32 - Why James Kelly won't be retiring any time soon
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