Colliers International appointed to sell retirement village south of Perth

Colliers International appointed to sell retirement village south of Perth

Strong interest expected during sales campaign for Lattitude Lakelands retirement village. 

A Mandurah retirement village in the newly developed suburb of Lakelands is expected to attract keen interest from a diverse range of groups when it is listed for sale through Colliers International.

The 194 survey strata home units in Lattitude Lakelands Retirement Village are privately owned by village residents but the purchaser will allow a new operator to own the communal facilities and also the management rights to the village which entitles them to deferred management fees.

Located just 1.5km from the beach at Madora Bay, 8km from Mandurah’s CBD and close to freeway access, the village offers a convenient selection of resort-style communal recreational facilities including a residents’ lounge, sports bar, pool and bowling green.

The 8ha retirement village and the Lakelands master-planned community that surrounds it, were developed by Peet Limited.

Selling agents Wayne Lawrence, Henry Vu and Mark Agius, of Colliers International, said with the last stage completed in 2018, Latitude Lakelands Retirement Village was the most modern retirement village in the Mandurah region.

Mr Lawrence said the village’s appeal to incoming residents was largely due to its modern design and resort-style facilities as well as the generous living and car parking areas in each unit.

“This village is located in the centre of a well-designed community and is walking distance from the retail and amenity at Lakelands Shopping Centre and parkland around nearby Yindana and Black Swan lakes,” Mr Lawrence said.

Mr Vu said there had been renewed interest and activity in retirement village acquisitions, not only from not-for-profit operators but also private and institutional entities and more recently, notable interest from offshore parties.

“Existing operators are always on the lookout for villages that can be easily bolted on to their portfolios but lately we have noted a number of new offshore entrants to the market that have already made or will soon make, their first purchase,” Mr Vu said.

In a future development that will complement the Lakelands community, a site opposite the retirement village has been purchased by Aegis Aged Care Group and is expected to be developed into an aged care facility.

“The anticipated future development of an aged care facility opposite the asset will complement the existing village through co-location of care services,” Mr Agius said. 
“The co-location of aged care and retirement villages, even if operated by separate providers, presents an opportunity to solve the separation anxiety many retiree couples can face where one party requires 24-hour care whilst the other has a lower level of acuity.

“Typically, we have found that managing this separation via co-location of services has positive impacts on ILU price growth and both village and aged care facility long-term occupancy.” 

Lattitude Lakelands Retirement Village at 52 Bellambi Chase will be sold by expressions of interest which close on July 17.

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