A private developer has lodged plans for a 20-storey retirement village in Southport, one of the largest developments of its kind on the Gold Coast.
Rays Projects, headed by Rui Zhao, plans to build the mixed-use project across a 1270sq m site on the corner of 10 Garden Street and 23 White Street—two blocks from the Broadwater Parklands and the Australia Fair shopping precinct.
Rays Projects amalgamated the site, comprising two low-format residential buildings, for $5 million in March 2020.
Its proposed aged care and specialist disability accommodation development, drawn up by JDH Design, will consist of 38 residential care facility units, 16 NDIS units and 22 residential care units.
The ground floor will comprise four retail and health care tenancies fronting Garden Street with three levels of car parking for 77 vehicles above in the building’s podium as well as two levels of office space on levels four and five.
A communal recreational space is provided on level six featuring a cinema and conference area, games room, meeting rooms and a gym.
The development application builds on a previous approval, granted by Gold Coast City Council in early 2018, for a 173-bed residential care facility.
Rays Projects said the proposed development had incorporated a mix of residential care facility units and retirement facility (independent living) units to capitalise on the site’s location in close proximity to an existing private hospital and other health care, medical and support services.
Hit hard by the pandemic and still grappling with reforms implimented by the aged care royal commission, the forces of consolidation, government regulation and a paradigm shift towards ageing in place have become key drivers for the aged care and retirement sector.
Healthcare and aged care have fast become the alternate investment class of choice for both local and international developers, super funds and REITS.
The Gold Coast has long been a destination for retirees due to its well-connected public transport systems—including buses, tram lines and trains supported by solid health amenities including free travel as well as activity programs designed to entertain and connect the older community.
Suburbs such as Benowa, Miami and Ashmore, and beachside properties in Mermaid Beach, have remained the most sought-after areas for those wanting to age in place.
Developers are now looking to build to meet demand in the city.
Nearby, on the site of the former Gold Coast Hospital, not-for-profit residential aged care operator Bolton Clarke is pressing ahead with approved plans for a $120-million, two-tower vertical retirement village and aged care facility.
That project, comprising towers of 19 storeys and 30 storeys, will be the largest vertically integrated project to date by the aged care operator.
Overall, across the two towers there will be 268 units—including 156 two and three-bedroom independent living units, 40 one-bedroom assisted living units and a 72-bed residential aged care facility with indoor and outdoor community and recreation spaces.
Meanwhile, prolific Queensland developer Tim Russell has approval for a 32-storey vertical retirement village on the Nerang River in the Budds Beach neighbourhood—his seventh project for mature downsizers in the state’s south-east.
Russell’s Aura Holdings $35-million tower will comprise 19 one-bedroom, 38 two-bedroom and another 19 three-bedroom apartments. There will be 18 sub-penthouses, also with three bedrooms.
