The Provectus Care CEO is joining forces with the $5 billion investment giant set to roll out dozens of high-end retirement villages Australia-wide, which announced it was expanding into the sector last month.
Under the new brand ‘By Moran’, the partnership’s first facility will be a $40 million beachfront site in Cronulla, 31km south of the Sydney CBD, offering a concierge, club room and bar, dining facilities, infra-red sauna, gym, pool, cellar and cinema plus 24/7 emergency assistance.
According to AFR, the partners expect to spend another $36 million on the build which will feature one-, two- and three-bedroom apartments styled by Coco Republic.
Dr Moran, the former CEO of Moran Health Care Group, said there was a gap in the premium market for baby boomers looking for high-quality living options.
“Soul Patts has great expertise in funds management and property, which is a benefit to us,” he said.
Soul Pattinson CEO Todd Barlow added he was not concerned about entering the aged care sector at a time of negative news from the Royal Commission, since their investment caters to a different demographic.
“The area that provided the most interest to us is the premium end (of retirement living), … there is a good gap in the market to develop these assets,” he said.
“We are not going to compete with the highly regulated, high touch care operators,” he added.
Provectus Care already has a number of luxury aged care sites across Sydney, Canberra, Melbourne, the Gold Coast and China.
Pictured: Soul Pattinson’s CEO Todd Barlow, right, and chairman Rob Millner, left.