Levande CEO: no plans to buy NSW retirement village land
Living Co targets major seniors expansion within $100bn strategy
- Investment shift: CEO will not buy land for development in NSW
- Policy impact: NSW holds highest foreign tax burden nationally
- Site constraints: Suitable alternatives outside NSW remain limited
- Local variation: Council support varies significantly across markets
Kevin McCoy was part of the delegation on the Pluss Communities’ bus trip following the LEADERS SUMMIT 2026 in Sydney last month.
The Levande CEO said he would not allow any land be acquired for a retirement village because of the foreign owner tax surcharges imposed in NSW, which The Weekly SOURCE highlighted last month. Levande is owned by EQT, the Swedish global investment organisation.
NSW charges a 9% foreign surcharge purchaser duty on residential land and a 5% foreign surcharge land tax – the highest foreign owner tax in any State or Territory in Australia.
Kevin said he has been surprised how difficult it is has been to find appropriate sites outside of NSW.
“The other thing we’re conscious of is, without naming names, some councils, it’s just not worth trying to build there,” he said.
Parramatta, in Sydney, and Glen Eira, Melbourne, have been particularly supportive, while other councils have proven “problematic” enough that Levande will not acquire in their jurisdiction.
Kevin said Levande is not looking to co-locate with aged care operators, despite The Cambridge in Epping, incorporating Opal HealthCare.
“On one level retirement living is just, to a certain extent, affordable housing. When you compare it to the median house price in a particular locale, it’s typically 60 or 65 per cent below the median house price,” Kevin told Urban Developer.
“But it’s not really an investment, it’s a lifestyle. It’s more of a living product; you’re moving in to be part of a community. There’s security, lock-and-go. You know who your neighbors are, you don’t have an Airbnb next to you.
“If you just want an apartment as an investment, then you just should go buy one. Because retirement living is about being in a village and being part of a village.”
