This article is from the Australian Property Journal archive
NEW Zealand’s largest retirement village operator Summerset has continue its Australian expansion, buying a fifth property in Victoria for $33 million.
The 1.83-hectare Oakleigh South is located around 16km out from the Melbourne CBD and sits within a well-serviced catchment, with nearby social, recreational and retail offerings.
“We know that many people like to retire in their neighbourhood, so we look forward to giving Oakleigh South residents further opportunity to do that,” said Scott Scoullar, CEO of Summerset Group.
The purchase comes as Summerset looks to cash in on Australia’s aging population, with the Oakleigh South community demographic of 75-plus residents set to grow to 14% or over 15,300 in the next five years.
“Our village will offer a full range of high-quality units, from independent living townhouses and apartments to serviced apartments, care beds and memory care beds – the latter being for people living with dementia,” added Scoullar.
The new site shares a boundary with the Metropolitan Golf Club, with the land sitting within Melbourne’s “sandbelt”, offering multiple courses.
“Summerset prides itself on offering a continuum of care model whereby as a resident’s needs change so can their living arrangements. We’re looking forward to bringing this model of care and high-quality retirement living to Australians so are really pleased to have secured this land at Oakleigh South – our fifth site in Victoria.”
Summerset currently provides retirement living to more than 6,600 residents in New Zealand and recently posted a half year result with underlying profits up 68% on the same period in the previous year, at $75.5 million.
The group gained approvals to begin works on its first Victorian site in Cranbourne North last month, with design and planning either underway on approaching on Summerset’s other sites in the state at Torquay, Chirnside Park and Craigieburn.
“We expect our first Australian homes to be built in 2022, in what will be a huge milestone for Summerset. Australia is a big part of our future,” concluded Scoullar.
Elsewhere in the sector, Queensland aged care provider Rockpool revealed plans for its $44 million facility at Pelican Waters’ new island precinct on the Sunshine Coast.
