Aveo spending $150M to extend two retirement villages
- Growth underway: Aveo launches two Brisbane expansions worth $150 million
- 132 new homes: Parkside Carindale and Robertson Park enter construction
- Big ambition: Owner targets growth from 11,000 to 50,000 retirement homes
- Demand rising: Investment reflects growing appetite for premium retirement living
The retirement village operator owned by The Living Company has begun its next phase of growth.
Two new projects launched today will deliver 132 new independent living apartments in total.
This comes as The Living Company Joint CEO Stephern Gaitanos told the National Retirement Living Summit: “I want Aveo to grow to 50,000 units”.
Work is now underway on new stages of Aveo’s Parkside Carindale and Aveo's Robertson Park masterplan communities, making a combined $150 million investment in new seniors living accommodation in Brisbane’s southside.
Aveo CEO Tony Randello, members of the Aveo leadership team, and representatives of Hutchinson Builders joined the community’s residents committee for the smoking ceremony and sod turn for Stage 4 of Parkside Carindale. This stage will deliver an additional 94 independent living apartments, shared community spaces, and secure parking across nine levels.
Once complete, the retirement community, 10km from the Brisbane CBD, will deliver 402 independent living apartments.
“We are proud to keep investing in communities that give residents the opportunity to stay connected and enjoy homes designed around accessibility, comfort and lifestyle," Aveo Chief Executive Officer Tony Randello said.
“Many residents have called Brisbane’s southside home for decades and have no intention of leaving it behind. Expanding Parkside Carindale means they can move into a home that suits them without giving up the suburb, the neighbours and the lifestyle they know,” he said.
Shovels will also hit soil at Aveo’s Robertson Park community this afternoon, where Stage 3 is being delivered in partnership with Integral Construction, adding 38 one-, two- and three-bedroom independent living apartments across four levels.
Robertson Park residents and members of the Aveo leadership teams will join Tony and representatives from Integral Construction for the second sod turn of the day.
“As demand continues to grow, the next decade will require more future-focused retirement communities that respond to the expectations of a new generation of older Australians. Aveo by The Living Company is well placed to meet that demand through communities that combine quality homes, connection and long-term liveability,” Tony said.
Aveo, which was bought by The Living Company for an Australian real estate record price of $3.85 billion in June last year, has 67 retirement villages throughout Brisbane, Sydney, Melbourne, and Tasmania, plus coastal locations in the Sunshine Coast, Gold Coast and Newcastle.
