The Aura village where two-bedroom units have risen 108% in 10 years
“This completes our sixth village, with 796 apartments delivered across those six villages since inception – under 10 years.”
With a Deferred Management Fee of 33% taken from the exit sale of a resident’s home, it’s clear why the business created by Tim Russell and Mark Taylor is setting new standards in retirement living.
Aura Holdings, founded in 2016, has just celebrated the completion of the O’Neill Architecture-designed Radcliffe building – the seventh and final stage of Kingsford Terrace Corinda, 12.8km southwest of Brisbane’s CBD. The village was first launched 10 years ago.
The final stage adds 59 apartments and new shared spaces including a library, lounge and games room, bringing the village to a total of 249 apartments.
Kingsford Terrace Corinda was the first project for Tim and Mark, who bought the then 34-apartment retirement village from PresCare in September 2016.
Tim previously founded RetireAustralia and appointed Mark as Chief Financial Officer. Together – with Tim as Managing Director – they built it into the fourth-largest village operator before selling the business to the New Zealand Superannuation Fund and private equity group Infratil for $640 million in December 2014.
Aura CEO Sean Graham told The Weekly SOURCE that when Kingsford Terrace first launched, mid-sized apartments at Corinda (110sqm internal) sold for around $650,000. In Radcliffe, apartments of similar size are now approximately $1.35 million – a 108% increase over 10 years.
“This completes our sixth village, with 796 apartments delivered across those six villages since inception – under 10 years,” Sean said.
“The majority of the Radcliffe building has been pre-sold and buyers will start moving in over the next couple of weeks. The average age of those who moved into the previous building (early 2024) was 76.
“Demand continues, particularly for well-located villages which allow people to remain in, and contribute to, their communities. If we can provide a well-articulated value proposition and deliver on our promise, that demand will continue.”
Aura thanked financial partners BOQ Finance and Singapore-based SC Capital Partners for their continued support.
