In its latest Investor briefing Ingenia states No new rental villages are being built as they are not commercially viable. Ingenia is buying struggling rental villages instead. It recently purchased Dubbo Gardens (Dubbo) for $2.4 million and Ocean Grove Gardens (Mandurah WA) for $2.8 million. Ocean Grove consists of 44 units and if construction costs were $125,000 each its replacement value would be $5.5 million [excluding community facility costs]. Ingenias pricing is approximately $300 per week rental, covering rates, maintenance, gardening, white goods, security and water. A meals package option is available at $60 per week. Ingenia is targeting a 14% yield from Ocean Grove.
Opinion
These new retirement villages show providing care is here and now
Gone are the days when retirement living was defined by community centres, swimming pools and bowling greens. While these amenities still exist – the provision of care is now a core part of the value proposition. Hyegrove Willoughby on Sydney’s...
