$1bn of luxury living for retirees

Written on the 30 November -1

Southport to be home to swank seniors-only high-rise

PROPERTY-focused funds manager City Pacific is moving into the luxury retirement resort business, starting with Australia's first seniors-only high-rise.

The Queensland-based listed company has a 50 per cent stake in a joint-venture which has secured sites on the Gold Coast, in Victoria and in New Zealand for retirement resorts.

The sites will be home to more than 1500 luxury apartments and villas with an end value of close to $1 billion. Construction of the first phase, a 25-level tower overlooking The Broadwater at Southport, will begin within weeks.

It is intended to be of five-star hotel standard, offering a la carte in-room dining and incorporating the latest in aged-care technology.

City Pacific chief executive Phil Sullivan says the retirement-resort move broadens the company's base and will provide a reliable and recurring income stream.

"We have chosen sites that are in blue-chip locations and will build products that are very sophisticated, yet offer practical living for people who may be 70 or more," he says.

"We are catering for people who have aspired to, and achieved, the best things in life and aren't prepared to lower their expectations just because they are elderly."

City Pacific's interest in the retirement-resort joint venture is held through fully-owned subsidiary Grande Pacific.

The $70 million Southport tower will be built on a 2950sqm Marine Parade site just north of the main Nerang Street shopping precinct.

The land has been bought for $9.2 million from Portbray, a company associated with Mr Cherry and development partners. Portbray had owned the land since the late 1990s.

Gold Coast construction company Glenzeil has moved on site to start a 116-apartment tower, the Grande Pacific. The other 50 per cent stake is held by Hallmount, which is associated with Gold Coast developer David Cherry and New Zealand group Protac Investments.

Protac is the developer of New Zealand's most exclusive retirement resort, Eastcliffe, on land overlooking Auckland harbour at Bastion Point.


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