High hopes for village
Twin-tower aged care project in the works for Gold Coast’s Odyssey
A twin-tower aged care village is in the wind for a $7.7m site on Hope Island, marking a third step into the industry by Gold Coast-based Odyssey Lifestyle Care Communities.
The site, which spans 4693sq m at 8 Marina Quays Boulevard, has been bought from national property group Stockland.
The vehicle for the transaction has been Catalyst Hope Island SPV, a trustee company owned by an arm of investment bank M.H. Carnegie and Co.
Catalyst trustee entities previously have been used for land buys at Robina and Chevron, with an Odyssey community operating at Robina and a start underway on a Chevron one.
Odyssey Lifestyle Care Communities is a joint venture between Gold Coast aged-care operator Phil Usher and the Australian Retirement Trust, formed last year by a merger of Sunsuper and QSuper that created a $230bn giant.
The 66-year-old Mr Usher said the Hope Island move was another step by Odyssey toward reshaping the aged-care industry.
He said plans for the new site were being finalised and it was hoped to lodge a development application by May.
The Odyssey Robina village comprises three buildings and 149 apartments and is fully occupied, with a waiting list.
The first slab has been poured on the 186-apartment Chevron venture.
Odyssey says its model is built around a resort-style environment where couples stay together, pets are welcome, grandkids can have sleepovers and the dignity, independence and wellbeing of residents are respected.
Stockland’s sale of the Marina Quays site ends a Hope Island investment that started seven years ago when it bought a 3.3ha canal-front site from the administrators for Fish Developments for $13.5 million.
Last year, ahead of its selloff of the undeveloped section of the holding, it lodged a development application for a mixed-use project on the site.
The plan was for two 10floor apartment buildings and 1000sq m of commercial space fronting Marina Quays Boulevard.
That application was withdrawn ahead of the purchase of the land by Catalyst Hope Island SPV.