retirement village Archives - realestatesource

INGENIA Communities, formerly controlled by Dutch investment giant ING and from earlier this month, a separate ASX listed company, has sold the Lovely Banks Gardens near Geelong.

The 65-unit village Corio village sold conditional on a rezoning which would allow for a residential redevelopment. A Victorian developer is said to be purchasing the site near Lindsay Fox’s Avalon Airport.

In 2010, Ingenia ruled the “poor performing” asset as “non core” to its portfolio. It will pump funds from the sale into other developments, conversions and acquisition opportunities it is hoped will earn a return-on-investment of some 20 per cent.

South Australia

Meridien, AMP to sell portfolio of 12 South Australian retirement villages for more than $100 million

September 28, 2009July 25, 2019 Marc Pallisco aged care, institution, retirement village

AMP Capital Investors and the Meridien Group can expect to make between $100 million and $150 million from the sale of 12 South Australian retirement villages.

The portfolio includes 946 retirement village units, and 246 serviced apartments. The joint venture owners confirmed it will accept off-market offers on the assets as a whole, or individually.

The joint venture owners will retain villages in New South Wales and Queensland.

Victoria

Apartments Planned For Former Hedley Sutton Retirement Home, Canterbury, Melbourne

October 19, 2009 Marc Pallisco aged care, retirement village, suburban apartment project

IT’s out with the old and in with the new in Canterbury.

Developer EG Property Group has won approval to redevelop the former Hedley Sutton Retirement Home into a medium density residential village with a speculated end value of about $50 million.

Victoria

Number of Retirement Village Units in Australia to Double by 2021: Ernst & Young

September 24, 2009 Marc Pallisco aged care, retirement village

BY 2021, Australia will have twice the number of retirement village units than it does now, according to a new report by advisory firm Ernst & Young.

EY Real Estate Advisory Partner Marcus Willison said a new study, based on population trends in Australia and New Zealand, suggests Australia’s stock of retirement village units will increase by about 60,000 to more than 128,000 by 2021.

He said “the ageing population trend within both Austalia and New Zealand will have a marked impact upon the growth of the retirement village industry, with the number of people aged 65 and over forecast to double and triple in both countries within the next 35 years.”