Shane Moran, the Founder and Chief Executive of Retirement by Moran, concedes admission to his residences is “not inexpensive”.
Sage is an eight-storey development of 37 two- and three-bedroom apartments. The art-deco- meets-coastal-chic building – which almost sold out off the plan – will house about 70 residents.
Apartments at Sage, the boutique Cronulla beachside venture, sees apartments start just below $2 million and ranging up to almost $5 million for the penthouse. Additionally, a monthly fee to cover the communal services and utility bills “in the hundreds” is charged, the amount varying according to apartment size, the Financial Review reported.
The Deferred Management Fee is up to 30%, with a sliding scale calculated on the length of residency.
Communal facilities include a library, cinema, gym, sauna, art studio, workshop, wine cellar, rooftop heated pool, club and bar, residents’ lounge, electric car chargers, cafe and onsite management, and is pet-friendly.
Sage joins The Rose, Retirement by Moran’s first foray into upmarket retirement living in Wahroonga on Sydney’s north shore. Opened in 2021, The Rose is home to about 50 residents living in 33 two- and three-bedroom apartments who enjoy a similar range of amenities.
A third location will soon be added after Moran recently settled on a 10,000-square-metre site near Sydney’s Narrabeen beach. He describes the site, which will be home to Indigo by Moran, a $220 million development that will house 120 to 130 retirees, as “one of the best I’ve ever seen”.
Shane said the built-up wealth of Australian retirees is “creating very, very strong demand for this sort of product”.
The company is looking at development opportunities in Melbourne and also sees potential in the Brisbane market.
“With the retirement headwinds that are coming, demand will outstrip supply for many, many years to come,” he said.
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