A masterplanned lifestyle and retirement community in regional South Australia will push ahead after Metacap received the green light for the project.
Plans for the $700-million Port Hughes development were approved by the Copper Coast Council after two years of financial and infrastructure planning challenges.
The masterplan will be rolled out in stages during the next 15 years, with two over-50s independent retirement villages, Riverbend Resorts, to go hand-in-hand with an aged-care precinct for Riverbend residents as the level of care needed changes.
Construction costs has been estimated at $325-million for the village on a site on the northern Yorke Peninsula at Port Hughes, 135km north-west of Adelaide and a a prime location for seachanging retirees.
Riverbend Port Hughes will be on a 170.6ha site in Kooroona, south of Moonta.
Metacap chief executive Nick Jimenez said more than 2000 people would live or work in the village, and that commercial and retail would be a part of the precinct.
“Affordable luxury is a key consideration for buyers in this market and demand for our resorts has been driven by a combination of appealing price points and a high level of amenities for residents in one of Australia’s most popular lifestyle hubs,” Jimenez said.
Brisbane-based private property developer Metacap has developed two Riverbend Resorts in Queensland, one in Hervey Bay and the other in Agnes Water.
They are land-lease communities—residents own a home but rent the land the home is on.
There SA precinct will also feature the Luxury Coastal Retreat with up to 30 villas, a clubhouse, pools, private dining restaurants and a bar.
Metacap has other land-lease communities in their project pipeline—on the Sapphire Coast in NSW and East Gippsland Shire in Victoria, with applications lodged and approval expected in 2024.
Metacap said it was seeking further land opportunities in South Australia as well as regional areas of the east coast of Australia.
