Rental village operator, SCV, with the Village Life and SunnyCove brands covering 59 communities and 3,301 ILU's, believes it has turned the financial corner thanks to leading its rental model away from the pension and Centrelink subsidies. Instead of receiving 85% of the aged pension and 100% of the government rental assistance in return for accommodation, three meals and linen service, SCVs new model charges market rental for accommodation, only with the resident having the option to buy food and other services. This has generated greater occupancy and higher returns, they report.
SCV also intends franchising the role of the village manager, creating independent small businesses, through revenue-sharing which will incentivize increased occupancy and profitability of the villages. The initial franchise fee of $120,000 is being prepared for 35 available SCV franchises.
Community Living
The law is an ass – and it has cost Lifestyle Communities $1.5 billion and counting
The tribunal in Victoria has ruled the contract requirement of departing residents from land lease operator Lifestyle Communities is void based on a legal/legislative wording, despite residents being well informed when they signed that contract...