17 months after retiring as CEO of Lendlease Retirement Michael Eggington has been revealed as a key stakeholder of Third Age Villages, a new boutique village developer and operator.
He is partnering with the three principals of the edgy residential developer Thirdi (pronounced Third Eye); Ron Dadd, Luke Berry and Robert Huxley.
Eggington tells us he was attracted to the youthful, progressive and successful residential style that Thirdi has brought to over $600 million worth of projects they have developed across Sydney and Newcastle.
He sees this vision for a more contemporary style with a greater residential feel as required to expand the retirement village product offering to appeal beyond the traditional market that delivers just 6% penetration.
“I am excited and engaged in the sector. I see a real need for a move to boutique operators who are closer to the customer. We will also be developing clearer, much simpler (contract) options.”
Third Age Villages has secured its first village site in Castlecrag (upper market northern suburbs of Sydney) plus are shortlisted for a golf club village development. They are looking to secure more sites.
Since leaving Lendlease Eggington has been consulting under his corporate entity ResCorp in retirement living investment advisory work with super funds and offshore investors, plus strategic advice with a number of residential developers, which led to Thirdi.
This work is expanding and he has recruited several staff and plans a rebrand by the end of May.