Melbourne-based property developer Steller Group now has around 14 retirement and aged care assets in development after purchasing the now-closed Como Private Hospital in Parkdale, 23km southeast of the CBD, to turn into a 120-bed aged care facility.
“We’ve had a five year strategy of entering into independent living units and aged care retirement,” Managing Director Nicholas Smedley told the Sydney Morning Herald.
The son of former Spotless and Arrium chairman Peter Smedley and formerly an associate director at KPMG, Mr Smedley has been MD at Steller since 2010.
Around half of its $4.2 billion development pipeline is in multiple small-scale apartment projects under construction or in planning in Melbourne’s suburbs.
As we reported earlier this year, Steller has hit some hurdles in its developments. They have taken their plans for a 371-home land lease community on the Mornington Peninsula to the Victorian Civil and Administrative Tribunal (VCAT) after it was knocked back by the local council – the second community it has had to take to the Tribunal.
