Coastal Retirement Village in Rosebud Changes Hands in Major Sector Deal

Colliers brokers sale of 105 unit retirement village amid surging demand for seniors living assets across Victoria.

A significant retirement living asset in Victoria’s Mornington Peninsula has changed hands, with the sale of the Rosebud Village at 287–323 Bayview Road, Rosebud. The 105-unit Independent Living community, set on a substantial 36,500 sqm coastal landholding, was sold by Baptist Village Baxter to IP Living in a transaction managed by Colliers’ Justin Hazell and Ian Sanders.

The village, which enjoys near-full occupancy and a strong reputation within the local community, is ideally positioned in a high-demand coastal precinct with limited competition. It offers affordable Independent Living Units (ILUs), a centrally located community centre, and convenient access to Rosebud’s vibrant amenities, pristine beaches, and healthcare services.

Justin Hazell, Colliers National Director | Healthcare & Retirement Living, commented, “This transaction represents an outstanding triple bottom line result for all parties involved – the vendor, the purchaser, and most importantly, the residents. The village’s strong fundamentals and community legacy made it a compelling opportunity.”

“We’re seeing unprecedented demand for healthcare, aged care, and retirement living opportunities—driven largely by shifting population demographics and the essential nature of these services,” said Ian Sanders, Head of Transaction Services, Asia Pacific | Healthcare and Retirement Living at Colliers.

“This surge in demand is attracting strong interest from investors, developers, and owner-occupiers alike. With solid investment fundamentals and a growing, ageing population seeking diverse living options, the seniors living sector is well-positioned for long-term growth,” Mr Sanders added.

The acquisition aligns with IP Living’s impact strategy for the seniors living sector as it continues to build-out its portfolio of communities. Mark Fay, CEO at IP Living, said, “Rosebud Village fulfils an important need for quality affordable retirement living in the local area. Our focus is to protect the special qualities of retirement communities and in partnership with residents and staff at Rosebud, we’ll work to support and enhance resident wellbeing and the attractiveness and sustainability of the community.”

The vendor, Baptist Village Baxter, is repositioning capital to support the next phase of their redevelopment in their Frankston South village,” CEO Kim Jackson, noted. “We are proud of the strong community we’ve helped nurture in Rosebud and are confident that IPLiving is well-placed to continue that legacy.”

With a median house price of $765,000 and unit price of $651,000 in Rosebud (source: realestate.com.au, July 2024), the village’s affordable ILU pricing and strong occupancy underscore its appeal. The catchment’s demographic profile – homeowner aged pensioners – further reinforces the attractiveness of the offering. The local population aged 65+ is forecast to grow from 21,378 in 2021 to 27,704 by 2031, with the 75+ cohort growing at 3.8% annually.

This transaction highlights the continued strength of the retirement living sector and the strategic importance of well-located, community-focused assets in meeting Australia’s ageing population needs.