Hometown property developer Simon Chappel has won approval for his 18-storey retirement-living tower in the heart of Adelaide’s CBD.
South Australia’s State Commission Assessment Panel approved the plans for the site that straddles two properties: a 1909sq m site at 154 Angas Street and a 205sq m site at 20 Gunson Street.
Chappel set up Best Life Communities in October 2021 to explore the vertical land lease model to create more affordable retirement living options after selling his luxury retirement living village On Statenborough in Leabrook.
The land lease model allows residents to buy the property and sell or bequeath it to family members without attracting stamp duties, taxes or fees.
While this cuts costs, a vertical land lease model, where there is less land, allows residents to access and buy housing at an even cheaper rate.
Chappel’s firm Angus and Gunson bought the sites for $6.75 million in April 2021.
Corelogic property records showed Lefkas Pty Ltd as the former owner of both sites.
The plans were designed by Cheesman Architects and comprise an 18-storey tower with 155 residential units on levels four to 17.
The ground floor will have commercial and community tenancies and there will be three levels of car parking.
Though Angus and Gunson Pty Ltd was the applicant and owner of the site, Best Life Communities will operate the property once developed.
Best Life Communities has a pipeline of more than 550 homes targeted at over-50s.
It is currently selling 80 homes in the first stages of a project at Playford Waters, next to the Munno Para Shopping Centre, north of the city.
The project will have a community centre, gym, library and activities room.
It also has 320 homes at Victor Harbour, 85km south of Adelaide, on a former SA Water site and has started selling the first stage.
