Demonstrating the consumer acceptance of vertical retirement villages made up of apartments, not-for-profit operator Goodwin in the ACT has nearly sold out its 70 apartments in Stage One of it’s The Central development in the outer suburb of Crace.

Construction was completed last November; the sales rate has averaged five apartments per month ranging in price from $500,000 for one bed to $892,000 for a fifth floor three-bedder. It is the first village Goodwin has built without co-located care.

The second and final stage is 57 apartments and 8 two story townhouses.

Nationally nearly all the retirement village apartments have been developed by not-for-profit’s, backed by their balance sheets and land banks. Private operators are still struggling to get bank finance to compete with residential developers and the risk of full building/one stage developments.