Aura Holdings, previously a joint venture between former RetireAustralia executives and embattled Blue Sky Alternative Investments, has received development approval for a retirement village at a popular golf club in Brisbane’s west.
Indooroopilly Golf Club submitted the application — flagged by DA tool CityShape — in conjunction with Aura to develop the 25,342sq m Meiers Road site.
Blue Sky announced it was withdrawing from the three projects it was funding with Aura in June.
Blue Sky, which acquired 50 per cent of Aura in September 2016, has been in duress since March last year when research reports by independent analysts and short sellers pointed out serious concerns about how the group valued assets it was managing.
In August, Aura directors Tim Russell and Mark Taylor agreed to acquire Blue Sky’s investment in the village provider's development portfolio, in order to steer the company further into new high-quality senior living markets.
Alongside its strategic partner Singaporean investment group SC Capital Partners Group and planner Urbis, Aura has been working to develop a prime parcel of land in Brisbane's Indooroopilly.
Indooroopilly Golf Club will lease 1.9 per cent of its 128-hectare riverfront site to retirement centre operator Aura for 60 years, with a 60-year option.
The proposal has been planned alongside a minor re-routing of the existing course which "improves golf play" and has agreed upon by club members.
The masterplan scheme, designed by Cox Architecture, involves four five-storey buildings with a gross floor area of 27,007sq m will now move forward over two stages with 99 units planned for the first phase and 116 to be built in the second.
A range of unit types will be provided for retirees ranging from 1 to 3 bedrooms in addition to bespoke penthouse units.
Private open space will be provided in the form of balconies for each unit which all four buildings will feature its own roof top terrace and communal space.
The new facility will also provide a communal dining room, library, pool, gymnasium, billiard room, craft room, cellar, cinema and cafe as well as underground parking for 260 cars.
Council were adamant that the application had met strict flooding and traffic requirements based on the sites location.
Indooroopilly Golf Club was one of the worst affected golf clubs in the January 2011 floods. About 60 per cent of the course was inundated.