The 70-year-old Australia-wide residential property services company, based in Melbourne's Southbank, has launched its first over 55s venture: a $130 million masterplanned land lease community at Waurn Ponds, a southern suburb of Geelong, as it makes a strategic shift to retirement living.
ReGen Living is the first project to be developed by Oliver Hume in a number of years and is part of a new push into the land lease sector.
Oliver Hume is the second new entrant to the land lease sector in the space of two weeks with another Victorian operator Hamlet Living launched last week.
Surrounded by more than 3ha of public parklands, including walking and bike trails, playgrounds and sporting ovals, ReGen Living Waurn Ponds will feature 195 homes, a $10 million clubhouse, dedicated active sports precinct with tennis and pickleball courts, a golf simulator and a sports bar pavilion, health and wellness space, and a workshop adjacent to an edible garden and greenhouse hub. The clubhouse will include an indoor and outdoor pool, gymnasium, private cinema, his and her steam rooms, wine bar, billiards parlour, co-working space and private dining room.
The community will offer two, two-and-a-half and three-bedroom homes with single or double garages priced from around $580,000. Homes will be able to accommodate from two to four cars and contain ready-to-move-in inclusions, oversized storage and private outdoor open space.
Research by Oliver Hume shows the population aged 55-85+ in Waurn Ponds is forecast to grow 119% between 2021 and 2046. The existing population is also expected to begin considering righting options, with 3,446 residents (out of a total of 5,900) aged 55 and older living in homes with four or more bedrooms that they fully own.
“We spent considerable time researching how people over 55 want to live. In listening to these needs we have turned land lease living on its head and will deliver a truly innovative community," ReGen Living General Manager Ashley Duster said.
“This is a true masterplanned community that puts lifestyle first with best-practice design and a financial model that allows buyers to own their home while leasing the land.”
A builder for ReGen Living Waurn Ponds has yet to be appointed.
