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

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.”

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Park Orchards Chalet Earmarked to Become Aged Care Facility

PLANS to redevelop the former Park Orchards Chalet into a 91-bed nursing home are being reviewed by the Manningham City Council.
The aged care proposal is earmarked for land around a prominent 81-year old mansion at 579 – 581 Park Road, adjacent to a small shopping strip and opposite the Park Orchards Primary School and a community centre.

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$750 Million Caulfield Village Plans Advancing

Caulfield VillageCONSTRUCTION of a $750 million village including office towers, apartment buildings and a shopping centre on the grounds of the Caulfield Racecourse is expected to start within 12 months.
Melbourne Racing Club has submitted its final assessments and reports to the Department of Planning and Community Development, which is reviewing a planning scheme amendment affecting five hectares of land at the northern-most tip of the race course site, between Caulfield train station, Heywood Street and around Members Drive.
MRC’s plans for the “Caulfield Village” project include two commercial buildings of 12 and 15 levels and comprising about 20,000 square metres of office space.

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Bridgewater Aged Care, Roxburgh Park, to be Sold

ELEVEN months after being placed into administration, Roxburgh Park’s near-new Bridgewater aged care facility has been put up for public sale.
The 132-bed nursing home shut its doors late last year, forcing the relocation of residents who had paid large admission fees to buy into the five-year old Wedgewood Road facility. Bridgewater was reported to have breached several health regulations, but there were also examples of financial mismanagement, with the company owing creditors about $1.5 million, and staff about $500,000 in entitlements at the time of its collapse – money not expected to be repaid.

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