Belswan Lifestyle Villages in Pinjarra and Mandurah go to market
A two-village retirement living portfolio servicing retirees in Mandurah and Pinjarra has been listed for sale through Colliers International.
The privately-owned Belswan Lifestyle Estate consists of Belswan Lifestyle Village Mandurah and Belswan Lifestyle Village Pinjarra and will be sold in one line by Henry Vu and Wayne Lawrence.
The majority of Belswan Lifestyle Village Mandurah is occupied on a life lease basis with a relatively small number of survey strata units. All units in the Pinjarra Village have life leases.
Mr Vu said the sale offered investors the opportunity to buy a platform of immediate scale with the established retirement villages already providing a full suite of recreational facilities and amenities.
The Pinjarra village has an approved development application for a future expansion and has already built its communal facilities including a pool, library, movie theatre, bar, a recreation room and bowling greens.
The Mandurah village is just 270m from the Peel Health Campus, the major healthcare provider for the Peel region and its facilities include an indoor pool, barbecue area, bowling green, library, a community hall and landscaped green belts.
Mr Lawrence said the well-located villages were servicing local demand for buyers wanting to live in modern, low-maintenance homes and still be close to amenities.
“These villages are in established communities where retail amenity, transport and recreational facilities are within walking distance,” he said.
Mr Lawrence said there had been renewed interest in retirement village acquisitions, not only from not-for-profit operators but also private and institutional entities and more recently, interest from offshore parties.
“Existing operators are always on the lookout for villages that can be added to their portfolios and lately there has been several new offshore entrants, some partnering with local management, who will soon make their first purchase in the WA market.”
Belswan Lifestyle Village Mandurah, at 129 Murdoch Drive, Greenfields and Belswan Lifestyle Village Pinjarra, at 33 Lovegrove Street, will be sold by expressions of interest which close on August 22.