The Grace Albert Park Lake, in South Melbourne, designed by Fender Katsalidis Architects and Mim Design and developed by Australian Unity, has been designed with a focus on community for its residents.

Australian Unity chief executive officer for independent and assisted living, Kevin McCoy, says the Baby Boomers are transforming retirement living towards luxury design. They are moving out of their family homes, downsizing into high-end, inner-city apartment blocks, to take advantage of everything that Melbourne has to offer.

The $120m, 18-level block featuring 79,  one, two and three bedroom apartments will be located nearby Albert Park lake and golf course, the Royal Botanic Gardens, restaurants, the MCG and public transport.

The amenities which include a rooftop terrace with barbecue and lake views, ¬dining room, indoor pool, fitness centre, artist’s studio, games room, edible garden and theatrette are designed to encourage a strong sense of community.

One-bedrooms start from $650,000, two-bedrooms from $795,000 , three-bedrooms from $1.14m and the three-bedroom plus study penthouse which spans 301sq m is priced at $4.5m.

An aged-care complex that will include assisted living apartments and medical care will be built next door.