Seniors living development rises 456% in capital expenditure in five years
In February 2024, The Weekly SOURCE reported on a $34 million seniors living development planned for Vaucluse, one of Sydney’s most expensive suburbs, 8km east of the CBD.
OSHR At Vaucluse Holdings Pty Ltd, whose sole director is Kam Yun Au-Yeung, was the applicant to build 37 one-, two- and three-bedroom apartments for seniors living over two buildings of four levels.
Now a new Scoping Report by Urbis for the same operator has been lodged to build a $155 million three-building development of 103 independent living units including 82 senior living homes and 21 affordable homes.
The yield has more than tripled and risen 456% in cost after securing access to the Housing Delivery Authority pathway.
The Scoping Report seeks the Secretary’s Environmental Assessment Requirements (SEARs) to guide preparation of an Environmental Impact and Rezoning Statement (EIRS). The EIRS will accompany both a State Significant Development Application (SSDA) and a concurrent rezoning application.
The SSDA will seek approval for:
- Demolition of the existing structures on the site;
- Construction of a Seniors Housing development, which consists of three buildings 6.5, 7.5 and 9.5 storeys in height comprising 103 dwellings, providing for 82 senior living homes and 21 affordable homes; and
- Four basement levels comprising parking for 128 cars, storage, plant and amenities.
Three existing consents apply to the site, described below:
- On 27 November 2019, Waverley Council granted approval to the redevelopment of the site as a four-storey residential flat building comprising of 16 units;
- On 18 October 2022, Waverley Local Planning Panel granted approval for the redevelopment to construct a four-storey seniors living building with 37 apartments; and
- On 4 November 2024, Sydney Eastern City Planning Panel granted approval for the redevelopment of the site for seniors housing involving 31 independent living units in two four-storey buildings, of which part of the ground floor level of the southern building will be used as a retail/business premises.
