Summerset buys Victorian property for second Australian retirement village

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Just five months after their first purchase of land in Cranbourne North, 39km southeast of the CBD, New Zealand’s second-largest operator has picked up a 9.3ha block in Torquay, 95km southwest of Melbourne and 22km from Geelong.

Known as an entry point to the Great Ocean Road, Summerset CEO Julian Cook (pictured) said the company was pleased to have a second retirement village site in a scenic part of Victoria.

“The Melbourne property market is starting to see month-on-month price increases, with prices increasing by 6% in the last three months of 2019,” Mr Cook said.

“This presents good growth opportunities for Summerset and we are delighted to have secured this property,” he said.

“While demand for our retirement living and aged care is not driven by the residential property market; we are entering the market at a good point in the property cycle.”

The proposed village operate under Summerset’s continuum of care model with independent living units, including villas and townhouses, serviced apartments, and a residential aged care facility with care and memory care suites for people living with dementia.

Summerset now has 21 villages completed or in development in NZ and another 10 sites lined up for future villages.

“Summerset started out as a family business,” Mr Cook stated. “As we’ve grown, we have stayed true to the values of our founder. We put residents at the heart of everything we do in New Zealand and we plan to do exactly the same in Australia.”