This article is from the Australian Property Journal archive
RETIREMENT living provider Levande has snapped up a development site in Geelong has sold for more than $20 million, in a new record for residential zoned land in Victoria’s second largest city.
The 47,108sqm vacant residential infill landholding at 140-150 and 152-156 Colac Road and 246-248 South Valley Road in Highton is well serviced by roads, rail and public transport and features two street frontages of more than 211 combined.
Chris Nanni and Ben Young from Colliers managed the sale via private sale.
“The campaign generated interest from local and national residential, aged care and retirement living developers, many of whom we know are still in acquisition phase throughout the Geelong region, as it continues to provide significant growth and opportunity,” said Nanni.
Growing demand in Geelong is supported by an increase in infrastructure investment, including healthcare, retail and construction.
With the second largest Victorian city recording a boost in population
“The property is surrounded by incredible amenities, with the Waurn Ponds Shopping Centre and Homemaker Centre, as well as Epworth Hospital Waurn Ponds, Deakin University and Geelong CBD, all just a short drive away,” said Young.
“This prime location was one of the key considerations for Levande when purchasing the property.”
Levande has been adding a number of key sites around the country to its portfolio, while also investing in and refurbishing its existing assets.
The Highton site aligns with the providers growth strategy, of acquiring assets in prime locations to meet demand for retirement living.
Earlier this year, Levande exchanged conditional contracts for its first land acquisition, with plans to develop a new retirement community to house around 400 residents in Bentleigh East.
Demand continues to soar in the retirement living sector, with a recent study by PwC and the PCA revealing the cost of a two-bedroom unit in a retirement village in Sydney is 59% cheaper than homes in the same postcode.
While Gaw Capital Partners and GreenFort Capital have formed a joint venture to develop $800 million in land lease community, with US giant Invesco teaming up with Stockland in a $1.1 billion deal to expand in QLD and NSW, while Avid Property Group announced its expansion into the LLC sector with a $1.1 billion new business, Vantage.
Off the back of this activity, a portfolio of over 50s lifestyle villages in Queensland’s Sunshine Coast and Hervey Bay has been listed, comprising 148 homes across Cooroy Village and Sugar Coast Village.
While affordable nursing homes operator Hall & Prior Aged Care have added Blue Haven Bonaira to its portfolio at a discount price of $95 million from the Kiama Council.
Additionally, a significant development site in Vermont South changed hands in recent weeks, with the land parcel picked up by retirement living developer Keyton, formerly Lendlease Retirement Living.
