This article is from the Australian Property Journal archive
QUEENSLAND developer Metacap has received development approval from the Copper Coast Council for a $300 million Port Hughes master planned community in South Australia’s northern Yorke Peninsula.
The SA project represents a significant expansion of Metacap’s Riverbend Resorts and Villages brand since the company entered the over-50s residential-resort market four years ago.
The proposed development is the largest to date for the Metacap brand comes as the company begins construction of two over-50s lifestyle communities in Hervey Bay and Agnes Water, both in QLD.
Metacap CEO Nick Jimenez said the sector represents a key avenue for future growth for the group which has developed more than 1,000 townhouses, high-rise apartments, residential subdivisions and commercial developments over the past 30 years.
“We see the retirement sector, and more specifically the lifestyle sector, as a massive growth opportunity in Australia which aligns with our ageing population and desire by retirees to live in like-minded retirement communities.
“We’ve had very strong interest for our developments in Queensland which has resulted in us commencing construction on our Riverbend projects at Hervey Bay and Agnes Water. Securing development approval at Port Hughes takes us another step closer to potentially creating a $1 billion-plus portfolio in this sector,” he added.
The $130 million Riverbend Hervey Bay comprises 160 homesites, while the $150 million Riverbend Agnes Water has 190 homesites. Together with the Port Hughes project’s 460 lots, the company’s development portfolio will grow to more than 800 residential sites in the over-50s market, doubling its portfolio of over 50s communities to almost $700 million.
Metacap plans to deliver the project in stages over the next 15 years, with plans to develop 30 homes in the first stage. It plans to begin preliminary works in the next six months.
Whether it is lifestyle over 50s or aged care, seniors living continues to be an attractive asset class as the Australian population grows older.
Population projections for Australia suggest that there will be four million people aged between 65–84 years by 2022 with rapid acceleration of some age groups (over 65, over 85) in the next 10 years, according to the ABS.
Over the next 50 years, the proportion of people aged 65 years or more will double from 12% to 24–27%.
Recently Stockland emerged as the frontrunner to buy Lendlease’s $1 billion retirement communities business.