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.
Opinion
RIP: We are seeing the death of the family-run aged care operator
It feels like I am writing an obituary to family-run aged care facilities. Once the backbone of the sector, multi-generation operators are now selling out at a pace not seen before. The sell-off is accelerating, with three landmark deals in just two...
