Commercial and residential property news
LEND LEASE has today upped the price it offered per security, as part of its attempt to acquire all of Lend Lease Primelife, from 31 cents to 35 cents.
Below is a copy of today’s Lend Lease announcement:
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STOCKLAND has paid $22 million for three retirement villages.
The complexes were offloaded by Retirement Villages Group (RVG)), a struggling unlisted retirement fund run by the FKP Property Group and Macquarie Bank.
The portfolio acquisition adds 376 to the number of independent units offered by Stockland. Combined with serviced apartments, it now manages a total of 7403 dwellings.
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INGENIA Communities, formerly controlled by Dutch investment giant ING and from earlier this month, a separate ASX listed company, has sold the Lovely Banks Gardens near Geelong.
The 65-unit village Corio village sold conditional on a rezoning which would allow for a residential redevelopment. A Victorian developer is said to be purchasing the site near Lindsay Fox’s Avalon Airport.
In 2010, Ingenia ruled the “poor performing” asset as “non core” to its portfolio. It will pump funds from the sale into other developments, conversions and acquisition opportunities it is hoped will earn a return-on-investment of some 20 per cent.
Read moreAGED care accommodation provider Southern Cross Care has paid more than $8 million for a landmark Adelaide property controlled by the Catholic Church for more than a hundred years.
The former Carmelite Monastery at Myrtle Bank includes a 24,000 square metre residential zoned site at the corner of Glen Osmond and Cross roads, in Adelaide’s ritzy east.
Southern Cross, which is developing a luxury apartment complex across the road from Carmelite, will settle on its purchase just before Christmas.
Read moreAMP Capital Investors and the Meridien Group can expect to make between $100 million and $150 million from the sale of 12 South Australian retirement villages.
The portfolio includes 946 retirement village units, and 246 serviced apartments. The joint venture owners confirmed it will accept off-market offers on the assets as a whole, or individually.
The joint venture owners will retain villages in New South Wales and Queensland.
Read moreRETIREMENT village operator Masonic Homes has paid $10 million an aged care facility in Adelaide. The Hillsview Village complex, in
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THE owners of a 26-hectare Phillip Island farm, until three years ago owned by AMP Capital Investors and earmarked to become a retirement village, have applied to Bass Coast Shire Council to remove the entire aged-care component of the proposal.
The owner of the site paid AMP a reported $8 million for the Ventnor Road block and a permit for a 184-lot residential subdivision.
A major aged-care complex and community facilities were required to be developed as part of that permit. However, the council will now decide on whether to issue a new permit resulting in the entire farm, about three kilometres south-west of the centre of Cowes, being subdivided into 304 standard residential lots.
Read moreLend Lease today announced a bid to acquire almost 57 per cent of the Lend Lease Primelife Group.
A copy of the announcement is below:
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Lend Lease Corporation (“Lend Lease”) today announced that it has entered into a Scheme Implementation Agreement (“SIA”) with Lend Lease Primelife Group (“Primelife”) under which Lend Lease will acquire all of the securities it does not already own in Primelife for A$0.31 per security. Lend Lease currently owns 43.2% of the securities in, and is the manager of, Primelife.
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ANOTHER religious based group is disposing a prime located suburban asset, which is likely to be redeveloped as flats.
This time, in Northcote, Churches of Christ Community Care is selling the former Fred Combridge House aged facility at 1A Campbell Grove, and high on Ruckers Hill (aerial image, right).
The former 30-bed facility is spread across a 2712 square metre site, and, according to Fitzroys selling agents Charles Emmett and Geoff Emmett, is expected to arouse developer interest and sell for between $5 million – $5.5 million, reflecting a rate per square metre of land, of approximately $1850 – $2000.
Read moreSYDNEY-based developer Stockland is continuing to ramp up its potentially lucrative retirement living division, appointing former management consultant David Pitman to the new role of group strategy head.
Mr Pitman said he wants to double the group’s retirement portfolio to about 8,000 units over the next five to six years, which would boost department earnings from the current 7 per cent it contributes to Stockland’s total coffers.
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MILLIONS of interstate mining dollars will be invested in sleepy South Gippsland.
Sydney-based developer Buildev – of which NSW based mining magnate Nathan Tinkler (pictured, right) is a key shareholder – has signed an agreement to acquire part of the Wonthaggi Golf Club, on South Dudley Road and a stretch of Bass Highway known as McKenzie Street, north of the Wonthaggi township.
Buidev plans to build medium density housing, tourist accommodation and a retirement village on a 15 hectare slice of the course. The affected land is along the perimeter of the site between what is currently the 14th and 18th holes.
Read moreWHILE attention has focussed recently on the New Delhi Commonwealth Games Village site, builder LU Simon has been refitting part of the 2006 former Melbourne village into a luxury retirement living complex.
The $23 million redevelopment has seen the Parkville site, at Cade Way rebuilt as Mercy Place Apartments a high end development with 52 units configured as one, two and three bedroom flats.
Residents must be 65 years or older to buy into Mercy Place Apartments. The complex includes an internet kiosk and rooftop entertaining and function room with a city skyline backdrop.
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BECTON Property Group has finally offloaded the prominent Beaumaris Pavilion hotel and adjoining car park, in Melbourne’s south.
The East Melbourne-based developer is speculated to have made about $9 million from the sale of the waterfront site, which it bought for $11 million toward the peak of the commercial property market three years ago.
Becton had planned to develop a 65-unit aged care facility on the site, as part of a push into that sector.
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IT was described as the “best bargain development site” to sell during the economic downturn, and now builder EG Funds Management is ready to cash in.
The former Hedley Sutton Retirement Village, on the corner of Canterbury Road and Gascoyne Street, is being replaced with a medium density housing project, called The Canterbury.
EG paid Baptcare just $12.53 million for the 8161 square metre site in late 2008, at a particularly depressed time in the residential development site market.
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ANOTHER Kew motel with redevelopment potential has hit the market.
The Pathfinder Motel at the south-west corner of Cotham and Burke roads is expected to sell for about $6 million as a development site.
The 24-room hotel, on a 1760 square metre block, is said to be attracting interest from builders who may propose a medium or high density apartment redevelopment – as has been developed on sites next door.
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CELEBRITIES Kate Ceberano and Gina Riley have opposed the development of a new Jewish School, on the former Regent Lodge site, in Elsternwick.
An application has been received by the Glen Eira Council to develop the 2,989 square metre site at 46 Regent Street into a three-level school, capable of accommodating 325 students.
Kate Ceberano, and Ms Riley’s husband, Rick McKenna told the Herald Sun traffic caused by the added school would cause chaos around the small suburban street.
Read moreNOT for profit organisation and retirement village specialist Villa Maria has paid $8.75 million for a 6,215 square metre Camberwell development site.
The 450 Camberwell Road property was sold with a permit for a 64-unit retirement village, capitalising on the site’s other street frontages to Athelstan Road, and Bowen Street, opposite the Camberwell Central Bowling Club.
Nichols Crowder director Matt Nichols sold the Camberwell property on behalf of the Macquarie affiliated Retirement Villages Group. Buildings on the site were once used by the Salvation Army. RVG recently sold a slice of the land to another aged care developer.
ASCOT Vale’s former Marivale Nursing Home will be sold next month, and is expected to be redeveloped into a new apartment complex.
Nelson Alexander Real Estate executive Duncan McPherson said demand for the 3,110 square metre Ascot Vale supersite has come predominantly from residential developers, able to exploit the site’s two street frontages, and location, near Union Road shops and transport.
Becton Property Group is continuing its push into the lucrative aged care market, picking up a Caulfield North development site for more than twice the price the vendor paid for it last year.
Read moreIT’s out with the old and in with the new in Canterbury.
Developer EG Property Group has won approval to redevelop the former Hedley Sutton Retirement Home into a medium density residential village with a speculated end value of about $50 million.
BY 2021, Australia will have twice the number of retirement village units than it does now, according to a new report by advisory firm Ernst & Young.
EY Real Estate Advisory Partner Marcus Willison said a new study, based on population trends in Australia and New Zealand, suggests Australia’s stock of retirement village units will increase by about 60,000 to more than 128,000 by 2021.
He said “the ageing population trend within both Austalia and New Zealand will have a marked impact upon the growth of the retirement village industry, with the number of people aged 65 and over forecast to double and triple in both countries within the next 35 years.”
Read morePLANS to redevelop the former Park Orchards Chalet into a 91-bed nursing home are being reviewed by the Manningham City Council.
The aged care proposal is earmarked for land around a prominent 81-year old mansion at 579 – 581 Park Road, adjacent to a small shopping strip and opposite the Park Orchards Primary School and a community centre.
ELEVEN months after being placed into administration, Roxburgh Park’s near-new Bridgewater aged care facility has been put up for public sale.
The 132-bed nursing home shut its doors late last year, forcing the relocation of residents who had paid large admission fees to buy into the five-year old Wedgewood Road facility. Bridgewater was reported to have breached several health regulations, but there were also examples of financial mismanagement, with the company owing creditors about $1.5 million, and staff about $500,000 in entitlements at the time of its collapse – money not expected to be repaid.
