Summerset makes it seven in Australia
Summerset Group Holdings has snapped up its seventh Australian property, at Drysdale, east of Geelong, for a speculated $35 million.
Comprising six lots – 133-173 Central Road, 2-20 Wyndham Street and 23 Marsh Court – the 9.96 hectare parcel is earmarked for an independent living serviced apartment complex and aged care home.
“Drysdale is a popular location on the Bellarine Peninsula adjoined with the suburbs of Clifton Springs and Curlewis,” the New Zealand based group’s chief executive officer, Scott Scoullar, said.
“[The holding] also provides excellent access to numerous amenities…including Clifton Springs Foreshore Reserve, Clifton Springs Golf Club and the Lake Lorne Recreation Reserve,” he added.
“The local area has recently benefited from significant investment in infrastructure including a $117m bypass designed to improve access and reduce traffic congestion through the town centre,” according to the executive.
“We know that many people like to retire in their neighbourhood, so we look forward to giving local residents in the northern Bellarine Peninsula an opportunity to do just that”.
Seven in Victoria
All Summerset’s Australian sites to date are in Victoria.
Two months ago, it snapped up another nine hectare parcel, at Mernda, in the city’s north, again for an independent living community and aged care home.
Near there, the group controls an 8.1ha Craigieburn parcel – which cost c$30m last September.
Summerset’s local book also includes, in Melbourne, blocks at Oakleigh South and Cranbourne North – the latter which was its maiden Australian investment, and is due for completion next year (story continues below).
It owns a Surf Coast asset too, in Torquay.
“Summerset [is] continuing to grow its Australian presence to meet the demands of a rapidly growing ageing population, with the number of people aged 75-plus forecast to increase 140 per cent, to 40.1 million, over the next 30 years,” Mr Scoullar said.
Tick for Chirnside Park
Also today, Summerset announced it received approval for a major Chirnside Park facility (artist’s impression, top), in the city’s east.
“The planning permit for the new village…was unanimously approved by the Yarra Ranges Council,” Mr Scoullar said.
“It is pleasing to have secured the permit in under nine months which now paves the way for construction to commence in 2023,” he added.
“The team are now preparing for construction of the new village which is located within the town centre and will deliver a range of retirement units, serviced apartments and a premium aged care home,” according to the executive.
Last month Ryman Healthcare, which is New Zealand based too, won permission to develop a major retirement living community and aged care home in Melbourne’s south east Mulgrave.
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