1 / 9

Retirement Villages : Best Practice Planning

Retirement Villages : Best Practice Planning. A Developers’ Perspective Peter Inge August 2008. Retirement Living in Australia. Retirement living industry has evolved considerably since the 1960’s when church and charitable groups first introduced housing for the elderly

Download Presentation

Retirement Villages : Best Practice Planning

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Retirement Villages : Best Practice Planning A Developers’ Perspective Peter Inge August 2008

  2. Retirement Living in Australia Retirement living industry has evolved considerably since the 1960’s when church and charitable groups first introduced housing for the elderly • Private groups have since entered the industry and employ a resident funded model • The resident funded model provides a lifestyle option for independent people, with community facilities, on site management, maintenance and security

  3. Retirement Living in Australia A Retirement Community is: A Retirement Community is not: • A neighbourhood for over 55/60’s • Similar minded people • Community like facilities • Community and companionship • Low maintenance • Independence and privacy • A supported residential service • An aged care facility • An “old people’s home” • A special accommodation home • A hostel

  4. Retirement Model in Australia • Available to residents aged over 55 years • Resident pays for retirement unit (purchase price / lease premium / loan) • Resident resides in unit and has non exclusive rights to community facilities • Resident pays a weekly service fee • On departure, resident pays a deferred management fee / exit fee / departure fee (“DMF”) • DMF based on length of stay, usually a fixed % each year applied to the resale price of the unit

  5. The Emergence of the Medium Rise RV • Traditional • Broad acre • Typical site c 5 to 8 ha • 125 to 200 villa units • Community Centre • Garden areas and open space • Can certainly be bigger but not too much smaller • Well located • Public transport • Shops • Sense of neighbourhood • Medium Rise • Infill sites • c4000m2 to 20000m2 • Minimum c60 apartments • At least 2 b/r • Query “diversity of housing” if no one wants to live there • Cater for the target market • Costly to develop • Generous community facilities • Well located • Absolutely critical

  6. All developers are not the same! • “Normal” Developer • Maximise financial return • Maximise yield • No post completion interest • On to the next one • Misalignment of interest with end user • RV Developer • “Long tail” asset • Greater returns in management • “Skinnier” development margins • Delicate balance between yield and amenity • Maximising amenity means greater price growth • Greater price growth means greater revenue • Clear alignment of interest • RV needs to look great not just now but forever

  7. RV Planning issues • Some Myths and Misconceptions • Grey ghetto’s • Solution? Forced community integration • Compromising security • Boundary fencing is important • Traffic/Car’s • Always less than you think and decreasing over time • Solution? Access to public and private transport • Village bus service • Burden on Local Government infrastructure • Majority of residents are locals • More efficient service delivery

  8. The Future - Shifting the Burden • Resident funded RV’s reduce community responsibilities and should be encouraged • Less usage of HACC, CACP’s funded aged care • People prefer to be independent • Planning protections/restrictions need to assist controlled RV development • Example NSW SEPP (Seniors Living)2004 • Site Compatibility Certificates • Use of covenants in Government land sales • Example Vaucluse High School • Positive – must be seniors living • Negative – Can’t be school

  9. MORNING TEA 10.45am – 11.00am

More Related