The mutual fund is partnering with the wealth management and stockbroking firm in its former headquarters opposite Albert Park Lake in Melbourne.
As we reported here, Australian Unity completed the first stage of the project, the 18-storey, 79-apartment The Grace Albert Park Lake in December 2019.
The aged care stage will feature 84 aged care beds, 71 assisted living apartments, rooftop dining and a wellness centre with the 15-storey former headquarters already gutted and work by Hutchinson Builders underway to refurbish the building.
The project is the first investment for Ord Minnett’s new Private Capital division, which was established last May with both partners contributing $32 million funding to the build-to-sell project.
Trent Donnelly (pictured right), Director of Private Capital at Ord Minnett, said the partnership would offer investors a compelling income investment opportunity.
“Australian Unity has a proven track record in the sector, as a trusted investment manager and early adopter of the integrated precinct model spanning home care, retirement living and residential aged care. This partnership will enable us to tap into their experience to provide new investment opportunities in high quality seniors accommodation, supported by client demand for high quality care, to our investors.”
The aged care beds will start at $670,000 and range up to $1.6 million, with an average of $1 million, while the assisted living apartments will run between $650,000 and $1.8 million with an average price of $960,000.
“This precinct will enable people to access a continuum of home and health care options to meet their changing needs,” Ryan Banting, General Manager of Social Infrastructure at Australian Unity, said.
Construction is due to be completed in late 2022.