2009 has seen NFPs successfully forge ahead with low and medium rise boutique village developments while private operators have been struggling. Often the NFPs kick off with a valuable property in a prime location, the best example being the Royal Freemasons Redmond Park development in Carlton (20 minutes from Melbourne CBD) with 61 apartments/ILU's. Just completed, it has only three ILU's unsold, each around $750,000. The Freemasons engaged Tracey Forbes and John Prowse (Prowse Consulting) to manage the project. Southern Cross (SA) in Adelaide is building luxury apartments at Myrtle Bank and has just invested another $8 million buying a 24,000 sqm site across the road.
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...
