The operator is on target to reach the goal, with its new 117-unit apartment four-storey The Avenue Maroochydore expected to be approved this month.
The first stage will include 49 apartments priced from $405,000 to $850,000, while a second stage will deliver an additional 68 apartments.
The DMF will be 33% on the exit sale price capped at five years, and in a new move, all residents will be allowed to move within all Aura villages without incurring an additional DMF.
In-home care services will also be available through Tim Russell backed Five.Good.Friends. from $35 per hour.
Founded last year by Tim Russell and Mark Taylor in partnership with private equity firm Blue Sky, Aura’s current pipeline includes over 870 apartments on six sites.
Tim Wilson, Managing Director of Blue Sky Private Equity (pictured), has led investments in the village sector.
Aura specialises in building villages in metropolitan areas and on sporting club land. The Maroochydore development is being built on the site of the former Swan Bowls Club purchased back in January for $6M from the Knowles family who own part aged care provider Arcare.
They made their name in retirement villages before selling their ARC portfolio to Stockland. It’s now rumoured that they are keen to re-enter the village market. Watch this space.