Villages Info Centre

The US real estate investment trust Welltower has just paid US$115 million for a block of soil on the corner of 56th Street and Lexington in Manhattan. They plan to build a 15 story assisted living and memory care development and expect to charge US$20,000 a month per person. This will cover rent, food, care and medical services.

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Adding to the aged care sector’s negative critique of the government’s ACFI funding changes to Complex Health Care, respected Chair of Gerontology for the Australian Physiotherapy Association and National Aged Care Alliance representative, Rik Dawson, says “It’s time to say goodbye to ACFI and start thinking about what makes sense”. The ACFI funding changes that start next January will reclassify what constitutes ‘High Complex’ needs. Currently 44% of residents match this class but this will drop to 13% according to Ansell Strategic. Government funding will drop by $15 a day per resident, which is equal to $5,475 a year.

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With Consumer Directed Care due to kick off in seven months the 80% market domination of the home care market by the Not For Profit sector is potentially on the table for ‘disruption’ by new digital entrepreneurs, with billions of dollars at stake.

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In October 2013 Sydney-based private equity firm Quadrant purchased 10 Melbourne based Estia Health facilities with 1,100 beds for $175 million. They then build Estia up to 3,900 beds across 39 facilities before floating it at a value of $1 billion 14 months later in December 2014.

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Greengate Group has been awarded Best Retirement Village Development for St Brigid’s Green Maroubra by the Property Council at their Innovation and Excellence Awards held last Friday night.

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