Masonics $6m ILU investment at Ridgehaven
Masonic Homes has announced a $6 million investment to develop new independent living villas at its flagship northern suburbs complex at Ridgehaven, Adelaide. Masonic announced today that the new investment would result in the delivery for occupancy...
Masonic Homes has announced a $6 million investment to develop new independent living villas at its flagship northern suburbs complex at Ridgehaven, Adelaide.
Masonic announced today that the new investment would result in the delivery for occupancy by mid next year of a further 22 new style independent living units near the Golden Grove Road side of Ridgehaven Rise Seniors Living Community.
The investment, which replaces original older style units within the complex, will take the total number of operating villas on site to around 200, reinforcing its position as one of Adelaides largest retirement home complexes.
Masonic one of the States leading providers of seniors lifestyles housing options said construction work is hoped to commence by mid this year.
The new work coincides with ongoing due diligence by Masonic Homes on also acquiring its first major site acquisition in Adelaides North and actioning a master plan for their major southern suburbs complex at Somerton Park, which is undergoing significant new on-site development.
The new Ridgehaven Rise villas will have similar floorplan design principles to the highly successful development and sale of almost 90 villas on site over the past few years, Masonic Homes Chief Executive, Mr Doug Strain, said today.
The investment is in line with our growth strategy of continually updating the choice of seniors living options at our major sites in Adelaide and Darwin, acquiring existing operations, or acquiring greenfields sites offering totally new development opportunities, Mr Strain said.
In 2010-2011 financial year alone, this business cycle will see Masonic invest almost $30 million in new seniors living infrastructure and there is certainly no let up in market demand.
Ridgehaven Rise also hosts a 123-bed nursing home and regional community care offices.
Masonic announced late last year it has commenced discussions on potential acquisitions of new greenfields development sites at Roseworthy in Adelaides proposed northern growth corridor and in Palmerston to Darwins south.
