Health insurance provider Australian Unity has revealed plans for a $120 million residential retirement home in South Melbourne.
The Grace at Albert Park Lake, designed by Fender Katsalidis and Mim Design, will provide 79 one, two and three-bedroom residences across the 18-level tower.
The 1,100sq m site is located at 128 Albert Road, next door to Australian Unity’s headquarters which will be converted into an assisted living and aged care facility when its new offices are completed in Melbourne's CBD.
The 18-level project will include 79 one, two and three bedroom residences and a three bedroom priced from $650,000.
One three-bedroom penthouse will be situated on the top level which will be priced at $4.5 million.
“With Melbourne’s ageing population forecasted to almost triple from 2011 to 2051, there is an increasing demographic seeking a future home that offers world-class design and facilities, beautiful residences, and an exceptional level of service,” Australian Unity chief executive officer Kevin McCoy said.
Australian Unity has outlined plans for a piano lounge and bar, cinema, artists studio, games rooms, a health and fitness centre and an indoor pool to assist retirees and provide a sense of community.
“We designed the interior spaces to engage with residents and create a sense of pride, nostalgia and calm,” Mim Design founding director Miriam Fanning said.
Australian Unity has partnered with Marshall White Living to sell The Grace Albert Park Lake, leveraging the sales agent’s strong brand recognition for luxury off the plan apartment living.
“The Grace Albert Park Lake is the first development of its kind – 79 stunning apartments designed in a vertical community, located close to the city centre, with amenity and services inspired by luxury hotels and the security of living with like-minded residents.
“We have market data and plenty of feedback from our existing clientele that this style of premium retirement living, or a ‘lock up and leave’ city base, is highly sought after,” Marshall White director Leonard Teplin said.
The Grace marks Australian Unity's 19th retirement community and follows a similar vertical village template built earlier in Melbourne's Rathdowne Place in Carlton.
The Australian healthcare and property giant is developing the entire $1.1 billion Herston Quarter project in Brisbane.
Construction of The Grace Albert Park Lake has commenced with completion scheduled for late quarter one 2019.