Ingenia Communities Sells Corio Retirement Village to Residential Developer For $3.1 Million

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.

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

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.

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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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