Council approves Beachleigh retirement village

MELBOURNE-based property developer Hengyi has received a planning permit to proceed with its retirement village project, Beachleigh.

Located at 33 Jacksons Road in Mount Eliza, around 42km south-east of the Melbourne CBD, Beachleigh is a low-rise 104-unit retirement village, with no building taller than two-storeys, in line with the eight metre height limit for the area.

Hengyi first announced its plans to transform the 3.41-hectare site on the Mornington Peninsula back in 2020, after acquiring the site from the Peninsula Health and Victoria’s Department of Health and Human Services for $17 million in 2019.

“The Beachleigh site is unique and we look forward to delivering a project that respects its history and the natural beauty of the location,” said Mark Nutter, senior development manager at Hengyi.

According to the developer, the redevelopment will meet high demand for retirement living options from local residents looking to downsize but remain within their established community on the Peninsula.

Amid an ageing population and housing crisis, two-thirds of retirement village applications in Victoria are taking over a year to be assessed with nearly one-quarter taking more than two years, according to The Retirement Living Council.

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.

While $70 million worth of sales and leasing agreements were recently struck in the aged care sector across in Melbourne and NSW.

Additionally, one of the largest retirement village developments in the country, Mount Gilead Estate, is being listed by Australian Retirement Holdings.

Peninsula Shire Council issued Hengyi with the planning permit after amendments were made to development plans in response to concerned residents of the area.

Construction on the redevelopment of Beachleigh Estate is expected to commence in 2025.