This article is from the Australian Property Journal archive
AEVUM has bought two mature retirement villages on the New South Wales Central Coast for $13 million.
The properties, the Cove is located in Daley’s Point and Wamberal Gardens is located in Wamberal, approximately one hour north of Sydney.
In total both properties provide 166 Independent Living Units, operating under a deferred management fee and share of capital growth model.
In addition, the Cove at Daley’s Point has the potential to develop a minimum of 40 additional units, subject to council approval.
The acquisition was funded through a committed debt facility with Westpac resulting in post acquisition gearing of 18%.The acquisition is immediately earnings accretive.
Aevum’s chief executive officer Simon Owen said the acquisition is an attractive addition to the existing NSW coastal portfolio as the villages are located in an existing Aevum cluster, with a strong retiree demographic.
“The addition of these two Central Coast villages strengthens our position along the NSW coast. Combined with the nearby Village Swansea, which is presently operating at 100% occupancy, the acquisition means we have three closely located villages operating at different price points.” Owen said. “These villages are a perfect complement to our existing pre-acquisition portfolio of 19 villages,”
Australian Property Journal
