Aged care and retirement living facilities are in high demand in the regional areas of the country, which has led to sales and new developments.
One coming to the market is the old Gundagai Hospital and Community Heath Centre, at 28 O'Hagan Street, Gundagai, through Steven Kruyer, director of sales and investments at LJ Hooker Commercial Sydney.
Mr Kruyer said the substantial property was used for many years as a Hospital and Community Heath Centre. "It is 12,850 square metres and is five buildings with about 150 rooms, which would make it suitable for a conversion into an aged care home, aged care village, specialist medical facility, rehabilitation centre or even for general accommodation purposes," Mr Kruyer said.
He said there is high demand for these facilities in country areas but finding the properties is not easy.
The regional retirement-living provider, Oak Tree Retirement Villages, has also seen the opportunity and is undertaking a $100 million expansion into New South Wales, following more than a decade of success across Queensland, Victoria and Tasmania.
Cementing its roots in the retirement residential sector, Oak Tree has announced 12 new villages scheduled for construction over the next three years, a move which is expected to create more than 100 new jobs in New South Wales regional centres.
Oak Tree's managing director, Mark Bindon said the group's expansion will initially focus on regional hubs in the New England and Central West districts of the State.
"Oak Tree's rapid growth over the past decade reflects the growing demand for retirement living options in more rural parts of Australia, with the number of retirees residing in New South Wales set to increase by more than 1.3 million by 2050-1 ," Mr Bindon said.
"To support this growth, Oak Tree has a number of new developments in the pipeline across New South Wales, with our Armidale, Bathurst, Dubbo, Orange, Tamworth, Lismore and Gunnedah villages already in the early stages of construction."
Stockland is also focusing on its retirement business, with suggestions it may restructure the ownership in the future.
But it also expanding its footprint with the recent exchange of contracts to acquire a portfolio of eight retirement villages in South Australia. The portfolio provides strong development opportunities, both in terms of greenfield and brownfield projects, and is accretive to earnings.
Mark Steinert, chief executive at Stockland said South Australia is an excellent retirement living market with the highest penetration of over 65s living in retirement villages in the country at around 8.5 per cent.
The portfolio, comprising 980 homes and a development pipeline of at least 130 additional dwellings, will be acquired from Masonic Homes for $75.8 million, subject to satisfaction of conditions.
