Seniors Living BtR Tower Plans Filed for Southport

Eureka Group is plotting to develop a seniors living build-to-rent tower within the Southport priority development area on the Gold Coast. It is touted as the first retirement facility proposed within the PDA since it was declared more than a decade ago. The ASX-listed seniors living owner and operator has filed plans for an 11-storey tower comprising 153 build-to-rent independent living units. It is earmarked for the 2327sq m site of an “outdated” three-level retirement complex at the corner of Meron and Lather streets, which Eureka acquired in 2016 for $2.75 million. “The land at 17, 21 and 21a Meron Street, Southport, presents an opportunity for Eureka … to reinforce their commitment to ageing-in-place in this local community,” the application said. “The proposed development is to replace an existing outdated seniors’ rental living facility on the site, with a contemporary and fit-for-purpose seniors’ build-to-rent facility. “Vertical villages provide a number of benefits, including, but not limited to onsite maintenance, security, social activities and events, and a sense of community.” Under the proposal, the build-to-rent tower would accommodate a mix of 81 one-bedroom and 72 two-bedroom units for which, according to the documents, there is growing demand across Eureka’s portfolio “to enable resident engagement with the family”. As well, the Ellivo Architects-designed scheme includes 934sq m of communal space at the ground level and on the tower rooftop, including co-working space, an office, meeting room, library, cinema, outdoor gym, lawn bowls green, yoga lawn, workshop and seating/dining areas. ▲ Renders of the seniors living build-to-rent tower proposed by Eureka Group for Southport. Parking for 149 cars would be provided across the ground level and within two basement levels. “There has been no development of retirement facilities within the [Southport] PDA since the declaration of the PDA,” a planning report said. “There is a need, but it can also be challenging to deliver quality retirement facilities in a competitive housing market—this has been the main reason that none have come to fruition. “Other planning jurisdictions have provided incentives for retirement outcomes; which has been part of the conceptualisation of the outcome in this instance. “The proposed development is of a nature, scale and intensity that supports the delivery of seniors living in this location, attending to the need and the absence of contemporary product in the PDA.” A submitted needs assessment report reinforced there was “a clear community need for the proposed development. “The proposed seniors build-to-rent village is a non-traditional form of independent seniors living which offers less barriers to entry than a traditional retirement village or manufactured home park. ▲ A render of Eureka's seniors living build-to-rent tower proposed for Southport. “Providing alternative independent seniors living product with lower barriers to entry is becoming increasingly important,” the report said. “In the context of the City of Gold Coast, the independent seniors living market is primarily represented by retirement villages and manufactured home parks, which have increased barriers to entry. To live in those facilities, seniors must make a significant financial investment. “The provision of a rental village provides an alternative choice with less financial commitment while still offering many of the same qualities.” Eureka Group targets the affordable end of the seniors-living market with a focus on the growing numbers of people who are retiring without owning their own home. It has a portfolio of 52 retirement villages and 2882 units under management that is heavily weighted to Queensland. In August, the company appointed Simon Owen, the former head of Ingenia Communities, as its new chief executive. “There’s a lot of capital chasing land lease communities or build to rent, but virtually no capital being invested in affordable over-50s rental accommodation and there’s significant unmet demand,” he told the Australian Financial Review at the time. “That is quite a compelling opportunity.”

Retirement
Phil Bartsch
Tue 29 Oct 24

Seniors Living BtR Tower Plans Filed for Southport

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RetirementPhil BartschTue 29 Oct 24

Seniors Living BtR Tower Plans Filed for Southport

Get the full story.

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Retirement
Phil Bartsch
Tue 29 Oct 24