This article is from the Australian Property Journal archive
AEVUM has paid $16.8 million to buy the management rights to a large development site at The Willows Retirement village located in Northmead, Sydney from the Salvation Army.
The Willows is a mature strata village, built between 1989 and 1993, comprising 148 Independent Living Units and 48 Serviced Apartments set on 5.6 hectares (13.9 acres) of land. A sizeable portion of the land is serviced but undeveloped with the potential to construct more than 80 additional units, subject to council approval.
The property is located in Sydney’s North West growth corridor approximately 20 minutes from the Sydney CBD.
Aevum’s chief executive Simon Owen said The Willows is one of the largest villages in the Sydney metropolitan area.
Aevum already owns four villages in Sydney, and this acquisition will provide additional operational efficiencies and increased pricing power in the region.
“It is also less than 10 minutes north of Parramatta, which is widely recognised as the geographic centre and second CBD of Sydney. This is a large-scale village with significant development potential in an attractive retiree location and close to transport, major shopping centres and health facilities,” he added.
The Salvation Army’s director of aged care services Major Cecil Woodward said the decision to sell the Willows village was not an easy one and involved many considerations other than just price.
“It was absolutely non-negotiable for us that the incoming purchaser had a demonstratable track record in the operation of retirement villages and in placing a high priority on the interests of its residents.
“We visited Aevum’s Cardinal Freeman Village, in Ashfield, during the sale process and took great comfort from their commitment to the care and amenity of residents,” Major Woodward said.
Following recent acquisitions, including Camden View Village and The Willows, Aevum now owns and operates 17 villages comprising 1,785 ILU’s and Serviced Apartments and 202 Aged Care beds.
Aevum also has development consent for expansion and redevelopment of 169 ILU’s at existing villages including 36 recently approved at the Cardinal Freeman village in Ashfield, Sydney.
Australian Property Journal
