Third.i co-founder’s father and uncle back first retirement venture

From the outset, Luke Berry was clear about what the proposed development at Newcastle’s Merewether Golf Club needed to be: the kind of retirement community he would want for his own parents.

“In the end, my parents and my uncle and aunt bought off the plan two years ago and are really excited and pleased about living in the same community together,” Luke said.

“So, no pressure there – if there’s anyone that is going to hold me to account, it’s those two guys, my dad (Steve) and my Uncle Dave.”

Third.i entered into a joint venture with Dexus’s opportunistic Fund series, Dexus Real Estate Partnership (DREP), with the second fund in its series, DREP2, to support The Merewether Residences’ development.

After 10 years in the making, Luke said he’s “over the moon” to be at the stage now where construction of the project is underway, following completion of ground-stabilising work that finished earlier than expected and under budget.

The development, including 178 one-, two-, and three-bedroom apartments and a new golf club clubhouse, is expected to be completed by early 2027.

Merewether Residences is the first of what Third.i plans will be one of many residential developments designed specifically for older Australians as part of its Third Age Village division.

The village was designed by architect Eugene Marchese from Marchese Partners I Life3A. Architectural oversight has since transitioned to Newcastle-based firm, EJE Architecture, which has taken the lead to deliver the project.

“Today’s retiree isn’t always ready to slow down,” Luke said.

“The reality is most now want to be active; they want to be out playing golf, enjoying good food and wine, and they want a home that’s going to be suitable for them for the next stage of their life – their ‘third age’ – without having to compromise on anything.”