This article is from the Australian Property Journal archive
SOUTH Australian aged care, retirement and home care provider Resthaven Incorporated has bought On Statenborough – the first time the retirement village has changed hands.
Located in Leabrook, in Adelaide’s eastern suburbs, On Statenborough features 134 apartments and retirement living villas set amongst manicured gardens.
The award-winning retirement village was the recipient of the best senior living project in Australia award in 2012 from the Urban Development Institute of Australia. It was completed in 2010 by developer Simon Chappel and David Smallacombe.
The deal was facilitated by Colliers’ Justin Hazell on behalf of a private vendor.
“The vendor is ecstatic that such a trusted provider has taken over the reins of this outstanding and sought-after village,” Hazell said.
He said Resthaven’s acquisition of On Statenborough represented “a strategic opportunity for the organisation to diversify and grow its service offering with a prestigious and fully occupied village that is in high demand, in one of Australia’s best catchments and with product that strongly resonates with the market”.
South Australian-based Resthaven was established in 1935 and now supports more than 13,000 older people living in metropolitan Adelaide and regional South Australia through in-home care and support services, allied health and enablement programs, retirement living, respite for carers and residential aged care at 12 locations.
“This is an exciting move for Resthaven that will offer the current residents of On Statenborough comfort and security in the knowledge that Resthaven is a well-known, financially secure, trusted organisation with an unwavering commitment to older people in South Australia,” Resthaven’s chief executive officer, Darren Birbeck said.
Shalain Singh, Colliers’ head of healthcare & retirement living, said On Statenorough was the most significant retirement village to have transacted in the Adelaide market in recent years
“Nationally, we are seeing a growth in integrated healthcare provision from retirement living operators with many either delivering aspects of care themselves, or alternatively partnering with other specialists.
“Well-built and operational villages in suburban infill or well established areas are in high demand as operators seek to pair their product offering with changes in consumer tastes.”
New Zealand-listed Ryman Healthcare has just secured a large-scale infill development site in Melbourne’s south eastern corridor for more than $30 million for a new retirement village.
“Nationally, we are seeing the mid to large players in particular seeking to increase operational scale in the right locations,” Singh said.
