Aged care giants trawl new territory for assets
Two heavyweight retirement living accommodation providers bought major assets this month – each venturing into new territory.
The largest property – a 32.5 hectare development site (image, top), part of Maidment Group’s Sanctum estate, at Mount Low, in Townsville’s Northern Beaches – was purchased by GemLife, for $21 million.
An over-50s land lease community with more than 500 dwellings and resort style facilities, is planned.
Settlement is scheduled in two stages – in March and the following February, after which construction should start.
It would be the group’s 33rd asset of this type.
Mount Low is about 15 kilometres west of Townsville’s CBD.
GemLife builds portfolio
Formed in 2015, GemLife was listed on the ASX in July.
Not long after, we reported it bought eight LLC assets – established and building blocks – via its $218m purchase of developer Aliria.
“We have been looking for the right opportunity in Townsville,” GemLife managing director and chief executive officer, Adrian Puljich, said.
“Located in the fast-growing, sought-after Northern Beaches, its proximity to the CBD, airport, hospital and established lifestyle amenities make it a highly desirable place to live,” he added
“Demand for housing in Townsville continues to be underpinned by strong fundamentals, including employment, infrastructure investment and population growth, yet the supply of high-quality downsizer housing has not kept pace,” according to the executive.
“With an ageing population, delivering new communities specifically designed for over-50s provides more choice for downsizers while also helping free up larger homes for the next generation (continues below).
“Land lease communities are increasingly appealing for this demographic, offering low-maintenance homes, strong lifestyle amenities and the opportunity to unlock capital for retirement”.
GemLife also recently announced plans for a Highfields project, 15 kilometres north of Toowoomba.
Zig Inge backed IP Living makes maiden interstate purchase
Meanwhile IP Living, backed by Peter Inge’s Zig Inge Group, a retirement living developer and investor of 47 years, with Palisade Impact, have bought the Eleebana Shores complex, about 15 km south west of Newcastle.
Developed in 2015, the 6.35ha asset contains 101 dwellings, configured as standalone dwellings, semi-detached villas and apartments.
The fit outs are marketed as luxurious and complex facilities, world class.
The property will be held by IP Living a partnership with a $300m mandate, headquartered in Melbourne.
Five months ago, for the business, ZIG and PI bought Rosebud Village on Victoria’s Mornington Peninsula.
IP also seized from ZIG, in Melbourne, the Prospect Hill Village in Camberwell, Pinetree at Donvale (the first property of this type ZIG built, in 1980) and Richfield Village at Aspendale Gardens.
Eleebana Shores Retirement Village is the group’s first purchase outside Victoria.
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