An interesting strategy for upmarket Ardency Kennedy Place, the new retirement village Lendlease has just commenced marketing. There is no mention on the website that it is a retirement village – rather it is an Over 55s development.
With its three contract options (see right), it mentions a Deferred Management Fee as one option, but again there is no discussion that it is a retirement village or that it operates under a piece of legislation.
Lendlease launched the Ardency brand about three years ago, as a market segmentation strategy. It commenced with the two Waterbrook villages created by Kevin Ryan, in Greenwich and Yowie Bay in Sydney, followed by the high-rise Trebatha village in Elizabeth Bay, purchased from St. Luke’s and then refurbished.
Richmond in Melbourne, developed on the old Channel Nine site and now inner-city trendy, is the fourth Ardency branded village (or Over 55s) in their stable.
We asked Lendlease if Over 55s will be applied across their portfolio but got no response.
Elsewhere Ardency is a Retirement Resort brand.
For the good of the sector, it is valuable to have prestige product like Richmond is shaping up to be.
Lendlease will have done its homework. Over 55s is obviously more appealing for upmarket inner-city Melbournites than Retirement Village or Retirement Resort.