The Presbyterian Church and its aged care arm Presbyterian Aged Care (PAC) have signed
Brookfield Multiplex to commence work on the much-anticipated retirement living development, The Terraces.
The $180 million development will be commenced on the 1.5 hectare Scottish Hospital site in Paddington, one of Sydney’s most affluent suburbs.
PAC CEO Paul Sadler recently confirmed that The Presbyterian Church (NSW) Property Trust and PAC had entered into a contract with Brookfield Multiplex to commence work on ‘The Terraces’ construction in mid-2015 and that this will be the biggest single project ever embarked on by PAC in NSW.
“The NSW Government’s Planning Assessment Commission approved the re-development of the site in May 2012 and the Trustees approved at the end of October proceeding to the next stage, following the PAC Committee’s approval,” Mr Sadler told the SMH.
“This has enabled us to now execute an Early Contractor Involvement Agreement with the construction builder, Brookfield Multiplex, and a $180m budget for development including construction, sales and marketing costs has been approved.”
According to the PAC the development will include, replacement of the existing 88 bed residential aged care facility with a new 100 beds; construction of 70 new seniors independent living units in four new buildings; and creation of space for future community care programs as well as a range of amenities for residents and visitors.
Mr Sadler said it was important to note that the development would be staged, with the existing aged care building remaining open during stage one and all existing residents and staff guaranteed transfer to the new aged care building.
David Ghannoum, Regional Managing Director of New South Wales at Brookfield Multiplex said a rapidly ageing population and fewer opportunities for older people to secure accommodation in inner Sydney have turned seniors living into a pressing community issue.
“We are delighted to be involved in another interesting and innovative aged care project that will ultimately help to relieve some of this pressure and deliver more desirable housing options for seniors,” he said.