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Michael Eggington’s growth aspirations for Lend Lease retirement villages have always been limited by the competitive access to funds within the corporation. Projects that can earn more money faster in residential development or infrastructure have won support ahead of retirement villages.
Historically retirement village owners have not had to be too concerned about work-related stress with their limited staff. This is rapidly changing as the profile of retirement village residents narrows to the seriously elderly, thanks to increased government emphasis on ‘staying in the family home’ to receive care.
In July 2014 village developer Geoff Hart emailed the 25 residents of his Wattle Grove retirement village in Cootamundra that his company Baragen was ceasing to trade despite the fact the village was only half built. In effect the strata owners were abandoned.
NZ’s Ryman Healthcare has entered into an unconditional contract to buy 2.5 hectares in the Burwood East brickworks brownfield development (Melbourne). They will build independent living apartments and an aged care centre, including specialist dementia care, targeting a village population of 400 residents.
Private care operator Lifeview recently secured a 2,662sqm site Prahran site for $20M and has started working with local architects CHT on a high end retirement village apartment development and aged care facility.
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Our fortnightly newsletter brings you all the tips and tricks you need for a successful retirement, covering everything from finances and property, to health and happiness. Get prepared and sign up here.