12 months ago tomorrow the three founding partners in Oak Tree retirement villages, Mark Bindon (pictured), Franco De Pasquale and Marco De Pasquale, sold around 40% of the group to Blue Sky Private Equity in Brisbane for $20 million to provide funds for further expansion.
They had six completed villages and nine under construction. Now have 19 villages located in QLD, NSW, VIC and TAS. Most have construction taking place. In the past 12 months they have built 85 units and plan 200 for the next 12 months. Specialising in regional areas, they have new greenfield developments in Tamworth, Armadale, Townsville and commencing in six weeks, Lismore.
Another five sites will commence by June 2015. Last month they also bought their second village from Stan Wells, Lifestyle Estate Victoria Point. Bindon stated today that the hands-on commitment of the three directors, including weekend open days and sales events across the 19 sites, combined with having a clearly defined health path for residents have been key to their growth. Oak Tree was established in 2004.