This article is from the Australian Property Journal archive
MOUNT Gilead Estate, one of the largest retirement village developments in the country, is up for grabs.
Located at 72 Glendower Street, in Sydney’s southwest suburb of Gilead, construction began at the 23.3-hectare estate in 2007 with 463 residences now completed and occupied.
Sam Biggins and Mark Litwin from Knight Frank are managing the sale via an international expressions of interest campaign, on behalf of Australian Retirement Holdings (ARH).
“Buyer interest in Australia’s senior living sector is significant and Mount Gilead Estate is a high-quality asset in that it is a leading institutional-scale modern retirement village that presents to a very high standard,” said Biggins.
“With approval for significant further development, plus accrued Deferred Management fees which are beginning to vest, Mount Gilead offers multiple potential revenue streams”.
The completed residences include 348 independent living villas and 79 independent living apartments, while approval is in place for a further 647 residences plus additional retail and commercial space.
Mount Gilead Estate also features existing community and recreational amenities including a coffee shop, hairdresser, 9-hole private residents golf course, indoor and outdoor swimming pools, lawn bowls facility, gym, cinema room and 3,000sqm multi-level club house.
“It is one of the largest lifestyle villages in New South Wales, currently housing 700 residents and growing, and upon completion, it will be one of the largest single site retirement villages in Australia. Buyers also have the option of acquiring an additional 5.14 hectares of adjoining land owned by related parties of the Village vendor, which could possibly be amalgamated into Mount Gilead Estate,” added Biggins.
“It may also be possible to increase the overall floor-to-space ratio of the amalgamated site, which could result in a 20% uplift in the total residences approved from 1,110 to 1,332.”
The estate is located in one of Sydney’s fastest growing regions, sitting less than 50 kilometres from the CBD and adjacent to what is soon to be Stockland’s Figtree Hill Masterplan community.
“It is around five kilometres south of Campbelltown, which includes private and tertiary public hospitals, Macarthur Square regional shopping centre and is accessible to the future Western Sydney Airport,” said Litwin.
“The property is situated in the Greater Macarthur Growth Area, which is seeing significant growth, and in an area with an older demographic, with approximately 25% of the population aged over 55.”
Amid growing demand, $70 million worth of sales and leasing agreements were recently struck in the aged care sector across in Melbourne and NSW.
Despite this, residential aged care provider Regis Healthcare last week posted a net loss of $21.4 million.
With a recent report from PwC and the Property Council of Australia revealing the cost of a two-bedroom unit in a retirement village in Sydney is 59% cheaper than homes in the same postcode.
The International Expressions of Interest campaign for Mount Gilead Estate is scheduled to close on 9 October 2024.
