Retirement villages for a new generation

In the midst of a move towards alternative real estate development, Australia’s east coast developers are diving into the retirement living sector as demand for thoughtful aged-care facilities that are close to families, friends and services grows.

New Zealand's Ryman Healthcare have recently gained development approval for a retirement village and aged-care centre in Burwood East, Melbourne, marking the beginning of their third such facility.

The new $200 million project will encompass a 2.5 Ha portion of the former Brickworks site, which Ryman purchased from Frasers Property two years ago.

With 20.5 Ha remaining of the original site, Frasers intends to develop a $500 million mixed-use project, which will include 900 dwellings (comprising apartments, townhouses, terrace housing and free-standing homes) and be home to the world’s most sustainable shopping centre.

Ryman plans to waste no time now that approval has been granted; the first residents are proposed to move in the second half of 2019, with the entire project completed by 2022.

Opening the doors of its first facility in 2014, at the Weary Dunlop Retirement Village at Wheelers Hill in Melbourne's south-east, Ryman now have a stake in eight retirement villages across Victoria.

"We're really building momentum now," chief executive Gordon MacLeod told The Australian Financial Review in May after their most recent purchase in Aberfeldie, Melbourne.

"Our goal is to be building in Melbourne and Victoria at a rate that matches the roll-out in New Zealand, which means roughly two new villages a year."

Victoria isn’t the only state receiving the attention of aged-care developments, with the Gold Coast council recently approving the development of a 16-storey retirement tower to be undertaken by Aveo.

The proposed $62.5 million tower, in the suburb of Labrador, will be Aveo’s sixth retirement development on the Gold Coast and is set to accommodate more than 150 seniors across 96 units.

Aveo Group CEO Geoff Grady said the buyer demand and unrivalled location were key considerations when choosing to build this type of community.

“The needs of today’s retirees are changing and we know that our future residents won’t want to leave their familiar suburban areas – they’ll want to remain connected in their local community when they choose to retire.”

In Sydney’s northern beaches, developer Stockland has entered into an agreement with the Catholic Church for the development of a retirement facility within a mixed-use development.

Plans for the Epping proposal include approximately 200 retirement living apartments, 132 aged care beds, a brand new primary school for 220 students and a renewed community and parish building comprising a parish hall for 400 people and parish office facilities.

Stockland’s CEO of Retirement Living Stephen Bull said, “With Epping continuing to be one of Sydney’s fastest growing areas for young children and over 60s, I’m pleased we’ve been able to enter into this partnership to collaboratively create a vision for a residential community for older Australians, a brand new 21st century primary school and renewed facilities for the local parish.

“Our development proposal, which we plan to submit later this year, responds to growing population demand in the area… we want to provide options for people to remain living in the communities they know and love as they age, close to families, friends and services.”