Known as Pariter, the new platform will link up with community associations, organisations and clubs across Australia to deliver new developments that can be reinvested back into improving facilities.
Pariter will target sites with a range of projects including build-to-rent and traditional build-to-sell ventures, and retirement living developments.
Partnerships between retirement village operators and sports and community clubs have become increasingly common in recent years with Aura, RetireAustralia and Living Choice among those to team up with clubs looking to ensure their long-term future.
Pariter will manage the design, construction, operations and funding of the project with the aim to hand it back after maintaining a 25- to 30-year interest.
Plenary Chief Executive David Lamming (pictured right) said while community assets and clubs need to try to stay accessible to members, the nature of their businesses means they don’t always cover the true long-term costs of operating.
“Like all public infrastructure, community infrastructure needs continual investment, and we think there is an opportunity for private capital to play a constructive role in helping community clubs stay financially viable,” he said.
Led by CEO John Innes, Pariter’s first project, Heathcote Grounds in the Sutherland Shire in Sydney’s south, will see the heritage-listed Heathcote Hall restored (pictured) and the development of low-rise three-bedroom townhouses and one-, two- and three-bedroom apartments on the 1.2ha site following a design development process.
Mr Innes said Pariter is also currently working on a number of other opportunities.
Watch this space then.