The 13 investors in Stephen Snowden's 24 ILU Berkeley Living Retirement Village at Patterson Lakes claim they have received no rent for 4 years from the units they own in the village even though Berkeley Living continues to accept new tenants. They state they have been to VIC Consumer Affairs who claim there is no role for them as long as residents are not being unduly treated. Snowden's Cambridge Aged Care has had its five facilities placed in receivership and he is being pursued by Westpac and the ATO for over $7M. However he still manages the village and collects the weekly fees. The investors in the individual ILUs in the meantime have had to pay the water rates, with no legal solution available.
Legal Issues
VCAT rules Lifestyle Communities’ DMF model illegal
Lifestyle Communities’ business model is under serious threat after a ruling by VCAT President Justice Ted Woodward found its exit fee structure to be illegal. The ASX-listed land lease operator, which was valued at $861.9 million and placed in...
