Australian Unity has successfully finalised another development fund after raising the required capital to further develop the Peninsula Grange Wellbeing Precinct on the Mornington Peninsula, with the addition of 127 new aged care beds.
This is the latest in a series of five development funds which are facilitating the growth in Australian Unity’s Independent and Assisted Living portfolio.
Mark Pratt, General Manager Property at Australian Unity, said the development funds offer investors the opportunity to co-invest with Australian Unity and share in the profits that may be generated through the development of new retirement living and aged care communities.
He said the close of the Peninsula Grange fund indicated investors understood the role of changing demographics driving investment in the health and aged care sector.
“The research shows that the Mornington Peninsula has an undersupply of quality aged care beds based on the planning ratio, a situation expected to worsen as the local and surrounding population ages”, he said.
“The demographics are changing, the demand is growing but the services aren’t keeping up”, Mr Pratt said.
“This, coupled with some existing aged care accommodation “dating” and requiring significant upgrade and investment, is spurring growth in the provision of better aged care accommodation for a new generation of customers on the Peninsula”, he said.
The equity recently raised will finance the development of an additional 127 aged care beds and complementary social infrastructure , which will adjoin the current Peninsula Grange retirement and aged care community.
The total development costs for the new facility are forecast to be $61 million and the facility is expected to be completed before the end of 2018.
On completion, the broader Peninsula Grange Wellbeing Precinct will include:
- a retirement community consisting of 226 independent living units and 22 independent retirement living apartments;
- 229 aged care beds over 2 sites; and
- a wellbeing centre with adult day respite centre, hydrotherapy pool, gym, café and medial consulting rooms.
Mr Pratt said baby boomers were actively voting with their feet when it comes to the quality of accommodation and services they expect, and that Peninsula Grange would meet those expectations.