Colliers International sells The Wyatt Trust’s eight retirement villages in one line to Adelaide Benevolent Society
The Wyatt Trust has sold its retirement village portfolio, marking the end of an era and expanding its core activity of providing grants to assist people in need.
The eight-village portfolio, with 56 units at Elizabeth East, Payneham South, Firle, Christies Beach, Christie Downs and Victor Harbor, is now the property of Adelaide Benevolent Society, South Australia’s oldest charity, which has a focus on affordable housing.
Colliers International’s director of Transaction Services for its Healthcare and Retirement Living product line, Justin Hazell, negotiated the sale for more than $11million.
The Wyatt Trust’s chief executive Paul Madden said the organisation was “delighted” with the outcome, having wanted another non-profit to take the reins.
“We wanted to channel our resources into our core activity, which is distributing charitable grants to the community,” he said.
“We’re thrilled that the Adelaide Benevolent Society has answered the call because it carries the same inherent values that we have always promoted. The residents will continue to receive the same high level of care and concern that we provided.”
Adelaide Benevolent Society’s chief executive officer, Tim Ryan, said the motive to purchase the eight villages was in line with the organisation’s focus on providing affordable housing for disadvantaged people.
“With housing affordability such an issue, the society provides rental housing to people in need at affordable rates,” he said.
“Taking on this portfolio of retirement housing will help us assist more people, particularly older South Australians. Established in 1849, the society has been providing affordable housing for more than 100 years, and this purchase will take our stock to about 250 properties.”
Mr Madden said the exchange marked another step in an ongoing relationship between two of Adelaide’s oldest charitable institutions, which have often joined forces to assist people in need.
“The Wyatt Trust was founded more than 130 years ago through the generosity and foresight of doctor William Wyatt,” he said.
“Each year, about $3million is distributed in grants. The funds from the sale of the retirement villages will expand our capacity to do more to help South Australians in need.”
Mr Hazell said the significant competition for the portfolio reinforced the strength of the retirement village sector in South Australia.
“We are seeing increasing demand for all retirement village and aged care assets, as well as development sites that are capable of accommodating vertical healthcare developments,” he said.
“For many organisations, scale is becoming increasingly important. This transaction provides the Adelaide Benevolent Society with the scale it is seeking, enables The Wyatt Trust to focus on its core activities, and protects the interests of existing residents. It’s a win-win.”
The Wyatt Trust sale continues the high level of healthcare transaction activity being conducted in South Australia by Mr Hazell, with recent transactions including a vertical aged care development site at Golden Grove forming part of a significant integrated health and wellbeing precinct, several supported residential care facilities, retirement villages and aged care assets.