A small number of residents at Riverdale Gardens village in Berri (SA) have been caught out because of their understanding that their village was registered under the Retirement Villages Act when it was not. It is alleged that after the withdrawal of support by Westpac the development stalled and residents demanded deposits returned. Paul Capper, who represents the group of investors in the development, claims to have personally offered to repay a significant portion of the deposits but some residents have refused by way of a letter from solicitors. Westpac had a loan of $600,000 against the developers funding of $1.2 million.
Exclusive: Aveo to sell off its retirement villages in South Australia and Tasmania
Tony Randello, CEO of the nation’s leading retirement village provider, said the impending sale of its 16 retirement villages in South Australia and Tasmania “aligns with Aveo’s regular strategic review of opportunities across its portfolio”. The...