This article is from the Australian Property Journal archive
LATTITUDE Lakelands Retirement Village in Mandurah has been put up for sale, offering the chance to own the communal facility and management rights to the newly built village, and entitling them to deferred management fees.
Colliers agents Wayne Lawrence, Henry Vu and Mark Agius are marketing the village at 52 Bellambi Chase via expressions of interest closing 17th July.
The 194 survey strata home units are privately owned by village residents.
The 8-hectare retirement village and the Lakelands masterplanned community that surrounds it were developed by Peet Limited.
Located 1.5 kilometres from the beach at Madora Bay, the village offers communal recreational facilities including a residents’ lounge, sports bar, pool and bowling green.
Lawrence said that with the last stage completed in 2018, Latitude Lakelands Retirement Village was the most modern retirement village in the Mandurah region.
He said the village’s appeal to incoming residents was largely due to its modern design and resort-style facilities as well as the generous living and car parking areas in each unit.
“This village is located in the centre of a well-designed community and is walking distance from the retail and amenity at Lakelands Shopping Centre and parkland around nearby Yindana and Black Swan lakes,” he said.
Vu said there had been renewed interest and activity in retirement village acquisitions, not only from not-for-profit operators but also private and institutional entities and more recently, notable interest from offshore parties.
“Existing operators are always on the lookout for villages that can be easily bolted on to their portfolios but lately we have noted a number of new offshore entrants to the market that have already made or will soon make, their first purchase,” Vu said.
A site opposite the retirement village has been purchased by Aegis Aged Care Group, and is expected to be developed into an aged care facility.
“The co-location of aged care and retirement villages, even if operated by separate providers, presents an opportunity to solve the separation anxiety many retiree couples can face where one party requires 24-hour care whilst the other has a lower level of acuity,” Agius said. “Typically, we have found that managing this separation via co-location of services has positive impacts on ILU price growth and both village and aged care facility long-term occupancy.”
Australian Property Journal
