Significant village transaction occurs today - Lend Lease to the rescue

The industry has today been saved from a potentially very damaging village failure with Lend Lease signing the documents to purchase Brentwood village at Kincumber [NSW] from the receivers, Ferrier Hodgson. A huge village, with 498 ILU’s plus 102 serviced apartments, it has been in limbo since the failure of Prime Trust. Approximately 12 months ago ME Bank appointed the receivers. The challenge has been the significant number of vacated ILU’s with residents or their families seeking their payout, leading to tribunal hearings and Brentwood Village Residents Association actions. The fear has been it could be the first village in Australia to fail. We hear that Lend Lease has written to all residents and families explaining as the new owners and operators they will meet all required obligations.