Arguably the most desired retirement village in Australia, The Landings was purchased over Christmas by veteran village operator Paul Browne in a 50/50 partnership with the Brisbane-based ASX-listed Cromwell Property Group, under their joint LDK Healthcare brand. They take over mid-February.
(LDK is short for ‘Love, Decency, Kindness’).
Located in the prestigious suburb of North Turramurra on Sydney’s Upper North Shore, The Landings consists of 220 villas and apartments priced around the $1.5 million mark. Its DMF structure has reached its peak maturity with its first homes now 15 years old.
Browne is on a roll. This is his second move since recruiting Cromwell into the retirement living sector. They are jointly developing their first project, a 450-unit village in Canberra’s Tuggeranong, a huge redevelopment of a government campus. It opens in August.
Brown is also the pioneer behind private aged care built into retirement villages, including involvement in the creation of early operators Tall Trees, Seasons, Fairways and Freedom.
Aveo purchased Freedom, with about 15 villages assembled over just three years by Browne and his partner, for $210 million.
He is replacing the DMF model with his ‘membership’ fee structure. He claims to us that eight out of 10 potential customers are signing up. He commits to supporting them in their village home to palliative care – no move to residential aged care required.
Our enquiries have found that most residents of The Landings are ‘euphoric’ about the arrival of Browne and LDK, and the departure of Sakkara. See next story.
Browne also wants more villages like The Landings and is actively searching for acquisitions.
Want to know more about his membership model and sales success? Come to our LEADERS SUMMIT (21-22 March, Sydney) where Paul will be showcasing it in detail.