Sydney Retirement Village Site sold for $22.5m

An approved Retirement Village site in Sydney’s north has been acquired by Living Choice for $22.5m.

The 2.97ha site, located at 3 Quarry Road and 4 Vineys Road, obtained a development approval after a Land & Environment Court appeal process, which paves the way for a seniors’ living village comprising 91 Independent Living apartments and a boutique 66-bed Residential Aged Care Facility.

The vendor, Zhiva Living was responsible for the initial project strategy and managed the development approval process in partnership with the previous landowners.

Zhiva Living’s initial proposal was for 146 independent living units and a 74-bed aged car facility, however the local Council and the Sydney North Planning Panel both rejected the application due to over-development issues. The site is zoned rural, however the State Environmental Planning Policy (Housing for Seniors and People with a Disability) 2004 permits the development of retirement villages and aged care facilities on rural lands that adjoin existing urban areas and have adequate access to services.

Zhiva Living appeal against the decision and ultimately obtained the Courts favour with amended plans.

The sale of the site was negotiated on behalf of the vendor by Tony Massaro of PwC’s Real Estate Advisory team. “PwC is proud to have bought together two sophisticated parties aligned in their understanding of the vision and opportunity for the site as a premium vertical retirement and aged care facility.”

`Living Choice Dural’ will be the company’s third retirement community in the region, adding to the award-winning Living Choice Glenhaven in the Hills Shire and Living Choice Galston in the Hornsby Shire, which is scheduled to start construction this year.

Living Choice Director, Ian Tregoning, who owns the company with his business partner, Graham Hobbs, said the village’s premier location – close to shops, hospitals and transport nodes – would be an attractive option for retirees wanting to remain in the area.

“At Living Choice Glenhaven, there is a waiting list for more than 140 villas and most are from the local area. Living Choice is all about offering “choice” and we’ll be offering apartments at Dural, which are set to take luxury retirement living to another level. The signature designs and leisure facilities will be exceptional.”

Christo Winters, director of Zhiva Living, who established the business with co-founder Nick Reid, said it was pleasing so see the project being carried forward by such a capable and well-respected group.

“From the conception of the project, our vision for the project has been a premium co-located independent living and aged care project that provides a unique living experience for its future residents. Having spent over 4 years navigating a challenging planning process for the project, we are delighted to have Living Choice taking the project forward.”

The Living Choice portfolio currently includes 10 operating retirement villages in NSW, QLD and SA plus two further retirement communities that will commence construction shortly – Living Choice Parkwood, comprising 200 apartments at Parkwood Golf Course on the Gold Coast and Living Choice Galston in Hornsby, where 40 villas and 48 apartments are planned.

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About Warwick P

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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