A new three-stage townhouses development in Lara, a suburb of Geelong, Victoria, is being pitched as a viable alternative for retirees.

It is what we call a CAPs (a Community Apartment Project). The pitch comes as the first eight two-storey townhouses have all been purchased by people aged over 55.

Creekside Village, being built by developer Newbright Living, has sold the first release of a total of 18 townhouses on a 5,984sqm vacant site. The Terraces and Hilltop are available off the plan.

“It’s a better product for people who want to have a title (to their property) as opposed to buying in a retirement village,” said selling agent Marcus Falconer, of Hodges, Lara.

“It’s basically got everything, it’s the ultimate village lifestyle opportunity for those that are looking at downsizing, or a professional couple.”

Construction is expected to begin next month, with completion anticipated in the first quarter of 2024.

Prices in the Terraces release start are from $610,000 to $625,000, with the Hilltop release priced at $585,000 to $600,000.

The Victorian Civil and Administrative Tribunal approved a permit for the development in 2021 after City of Greater Geelong Council refused the proposal.

The City of Geelong is a haven for retirement living, such as land lease and retirement living operators Aveo, Stockland, Ingenia Lifestyle, Lifestyle Communities, Ryman Healthcare, Bellarine Lakes Village and Geelong Grove Retirement Community.