Old Zig Inge/Aveo development site attacked by local residents
An interesting tale of not in my backyard when those are expensive backyards. The last retirement village development site that Zig Inge and his son Peter Inge bought before selling their 19 village portfolio for approximately $630 million at...
An interesting tale of not in my backyard when those are expensive backyards. The last retirement village development site that Zig Inge and his son Peter Inge bought before selling their 19 village portfolio for approximately $630 million at the peak of the pre-GFC market, was the old high school site in Vaucluse [Sydney], arguably the most exclusive suburb in Australia. Post sale Aveo had control of the site but it was on sold to brother and sister Mark and Barbara Moran [of the Moran family] for $23.5 million in 2011. The siblings have been very successfully building their own aged care business. They purchased the St.Lukes Little Bay facility 10 km south of Vaucluse and immediately filled it at premium prices/bonds - up to $800,000 its reported.
Quick off the mark, within 12 months of the purchase Mark and Barbara submitted plans prepared by prestige architects Marchase Partners for a 227 bed facility plus 14 self-contained dwellings, gym, cinema, beauty salon and wellness centre, valuing the project at $93 million [roughly $390,000 per bed]. At four stories it is compatible with the existing approval. Local residents are objecting based on bulk, size and noise.
The Morans have proven there is local demand and the fact is there are no other sites in this prestigious Eastern Suburbs region. Where are the aging residents expected to go?
