ASX-Listed Aveo Group Pushes Forward With $220 Million Newcastle Project


Aveo Group has brought forward the second stage of its $220 million Newcastle development following strong interest in Stage 1.

The $24 million first phase of Aveo Newcastle comprises 50 two-bedroom independent living villas due for completion in July, coinciding with the commencement of Stage 2 subject to approval.

Works will include upgrades to the Shortlands Waters Golf Club with a new clubhouse set for completion in September, and seven new golf holes due mid-2018. A world-class community centre with health and wellbeing facilities, resident function rooms, lounge areas and a gym, will be unveiled to the public in October.

Aveo’s Executive General Manager for Developments Gary Kordic said the decision to push ahead with the second phase of the development was driven by the popularity of Aveo Newcastle with the local market.


“Stage 1 of the project is already completely reserved, and remarkably around 70 per cent of the interest we’ve received has come from people living within five kilometres of the community, in suburbs like Maryland, Mayfield and Cameron Park. The remainder of prospective residents come from the broader NSW region, in towns such as Lake Macquarie, Coffs Harbour or Taree,” he said.

“The feedback from our prospective residents was overwhelmingly positive, with many people attracted to the open-plan designs of the villas, generous gardens, lifestyle amenities and the level of care services that will be in place, and because of this we’ve certainly seen a positive effect on buyer interest.”

The six-year Aveo Newcastle project will feature 300 independent villas and 127 aged care rooms catering to the over-65s community.

Aveo - formerly FKP - is one of the largest listed owners and operators of retirement villages in Australia. It has a market capitalisation of almost $2 billion and its major shareholder is the Malaysian-based Mulpha.

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