With cashed up Baby Boomers an increasingly desirable market, more developers are looking to Community Apartment Projects (CAPs) rather than retirement villages to maximise their returns from land in short supply.
Nathan Chivas, Central Element's Managing Director, has announced he is planning to build an eight-storey complex that would “redefine” senior’s living.
This follows his upmarket residential developments in Sydney hotspots Bondi Beach, Coogee and Drummoyne.
The elevated site on the Pacific Highway will have a rooftop bar, communal spaces and two and three-bedroom rooms with a view over the city and the Sydney Harbour Bridge.
“Our intention is to create an environment for those over 60, that is hyper-focused on ageing well and enjoying their third phase of life,” said Central Element Managing Director Nathan Chivas.
“With Greenwich, we will take a holistic approach to wellbeing, with a design and amenity that will promote daily movement, a shared community and purpose for its residents.
“We recognised the opportunity this Greenwich site presented for a world-class mixed-use seniors living development.”
Tom Appleby, Colliers’ Director, Sydney Metro Sales | Investment Services, said: “Given the vacancy rates in ageing office middle-market assets, a diverse range of savvy buyers are increasingly assessing opportunities through an alternate lens,” he said.
“Central Element appreciated the adaptive use potential in line with the favourable underlying planning controls, the property’s panoramic Sydney Harbour views enjoyed from its elevated ‘island’ site positioning and its proximity to the North Shore’s pre-eminent health precinct.”
Browse villages.com.au for the latest on Seniors Living including availability.
