This article is from the Australian Property Journal archive
A MAJOR development site in Vermont South has changed hands again, with the land parcel picked up by retirement living developer Keyton, formerly Lendlease Retirement Living.
Located at 500 Burwood Highway, 20km east of the Melbourne CBD, the 2.58-hectare site was the former Australian Roads Research Board (ARRB) headquarters and is now set to be developed into a purpose-built seniors’ community.
“This infill development is superbly located with established services, retail, and transport infrastructure all on its doorstep, only 20km from the CBD. And its elevated position gives spectacular views to the Dandenong ranges,” said Jason Fitzgerald, head of development at Keyton.
“Our vision will deliver high-quality, purpose-built seniors’ residences for sustainable low- cost living within a connected and supportive community environment.
“Preservation and adaptive re-use of the site’s heritage building will become the centre piece for the new community to support an active and independent resident lifestyle with a strong focus on wellbeing.”
The parcel last listed in April 2019 by a syndicate of developers, with $26 million expectations. This after being sold for $28.5 million in May 2017 and settling in December 2018 with mortgage to Eildon Capital.
Formerly Lendlease Retirement Living, this is Keyton’s first land parcel acquisition under its new name.
“The Victorian Government’s Housing Statement says the State needs 80,000 new homes a year to begin to ease housing pressures. A new retirement living community provides affordable housing options for seniors and frees up existing supply in the wider housing market as those seniors ‘right-size’,” said Nathan Cockerill, CEO at Keyton.
“The development of more independent living retirement communities is a key part of the housing solution. We also know these communities deliver broader health and wellbeing benefits to residents that reduce demand on aged care and health services.”
Keyton owns and operates more than 75 senior living communities across the country, which are home to over 17,000 residents.
Across Melbourne, there is currently more than $2 billion in capital at play for development site opportunities, as private groups face off with institutional investors to grab remaining land in the city.
Australian Property Journal just exclusively reporting the sale of a Broadford development site once owned by Queen Elizabeth, with potential for a masterplanned community of 900 homes, for a reported $20 million.
With land deals seeing former AFL footballer Fraser Brown recently pay $190 million for a site just outside of Cranbourne, while China’s Country Garden sold off its Windermere estate for a reported near-$250 million in October and Growland offloaded its future residential subdivision in Fyansford for $109 million and 128.70-hectare of land in Moorabool for $176 million.
