Can the New Zealanders maintain the development pace? They have identified across the sector they have an existing land bank of 6,017 units ready for construction across 88 villages. 54 villages are already in construction mode and 34 in planning mode.
A further 40 new greenfield villages are on the drawing board of which five are in construction mode, representing 4,629 units. Based on 2,500 units a year at $250,000 construction cost each (ex land) and eight months delivery, the capital required for the sector will be $625M.Australian villages had a bank funding funnel of approximately $400M last year, primarily from ANZ and Bendigo & Adelaide Bank.
Australian villages had a bank funding funnel of approximately $400M last year, primarily from ANZ and Bendigo & Adelaide Bank.(Interestingly we are hearing from operators of several other banks that are now entertaining village funding, both major and secondary banks. All want experienced
(Interestingly we are hearing from operators of several other banks that are now entertaining village funding, both major and secondary banks. All want experienced operators however).The makeup of village units nationally is 77% ILUs and 23% assisted living units (serviced apartments). Forward construction indicates this ratio is being maintained.
The makeup of village units nationally is 77% ILUs and 23% assisted living units (serviced apartments). Forward construction indicates this ratio is being maintained.
