The City of South Perth in Western Australia is on the verge of selling Collier Park Village to the Not For Profit.
It has almost 200 residents and 169 self-contained apartments, opened as a council operation in 1986.
In recent years Collier Park Village has been making an annual loss of $500,000 and the council states it is required to spend about $200 million on building maintenance over the next three decades.
City officers now recommend the council approve a $21 million land transaction with Amana Living, which owns and operates 16 lifestyle villages and retirement villages, for the 83,000sqm village.
A 2023 evaluation found the facility to be valued at around $23 million, but after considering a cost of about $1.5 million for roof repairs, Amana Living agreed to assume resident liabilities for $21.8 million.
The land transfer has also secured the approval of Lands Minister John Carey.
Browse villages.com.au for the latest on Seniors Living including availability.
Creating the retirement village of the future today: Mark Langdon and Max Kamali about Sustainability: LEADERS SUMMIT 2024
