RETIREMENT VILLAGE PLANNED FOR $6 MILLION MAROOCHYDORE SITE

Written on the 3 January 2017

RETIREMENT VILLAGE PLANNED FOR $6 MILLION MAROOCHYDORE SITE AURA Australia Management has purchased a 9,154sqm site in Maroochydore for $6 million to build an apartment-style retirement village as it continues its plan to build an 800-dwelling portfolio on the eastern seaboard of Australia.

The vacant corner site at Anzac Avenue and Baden Powell Street Site has council approval for 123 apartments with two and three bedroom configurations, delivered across four separate four storey apartment buildings.

Brisbane private equity firm Blue Sky owns 50 per cent of Aura, while RetireAustralia founder Tim Russell and former CFO Mark Taylor own 25 per cent each.

Russell sold RetireAustralia to a New Zealand consortium for $640 million in 2014 and the two-year non-compete clauses he and Taylor had in the sale contract have expired.

The purchase of the Maroochydore property comes after Aura began development of the $160 million Kingsford Terrace development in Corinda. The business has four further greenfield developments in its pipeline.

"We are excited with the purchase of this site as it fits well with our strategy of positioning our retirement assets close to shopping, leisure and entertainment facilities," says Russell. 

"The plan is to amend the current approval to suit a retirement style development with relevant facilities, however we are likely to maintain a similar number of apartments.

"The site is also within 100 metres of the new Stella Maris Aged Care facility which is due to open in early 2017 and will provide residents who may need a higher level of care with the opportunity to be in close proximity to these services."

Baydn Dodds and Nick Dowling of Colliers International on the Sunshine Coast handled the site sale via an off-market Expressions of Interest campaign.

"We received solid levels of developer interest for the site, with retirement groups submitting the majority of offers," says Dodds.

"The fact that the approval offered the ability to sub-stage the development across four separate buildings really appealed to the market.

"This is also the last available site of this size in such a central location with proximity to Sunshine Plaza, Cotton Tree and the upcoming Maroochydore city centre development SunCentral."

The site was the original home of the Maroochy Swan Bowls club which closed in 2011 and was sold by Maroochy RSL in 2014.

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