Australian Unity Healthcare Property Trust has begun construction of its six-storey aged-care facility at Knoxfield, one of Melbourne’s outer suburbs.
Infinity Constructions won the contract to build the 177-bed project with Connect Project Management overseeing the development.
Amenities will include a kitchen, dining and recreation facilities, onsite cafe, and a club floor overlooking the Dandenong Ranges and Waterford Valley Golf Course. It is due to open in December, 2025
Infinite Care has signed a 25-year lease with Australian Unity Healthcare Property Trust—which will continue to own the site and the facility—to operate the facility. Australian Unity bought the property in July, 2021.
The trust is valued at $3.7 billion and the project is expected to cost $70 million.
It will help provide the residents of Knoxfield much-needed options for retirement living, according to Infinite Care managing director Tony Partridge.
“With many Knoxfield residents at retirement age and approaching their older years, this home will provide the world-class care and resident experiences that Infinite Care is known for and improve thousands of lives in future years,” Partridge said.
Australian Unity healthcare property general manager Chris Smith said projects such as this allowed investors to invest in long-term infrastructure in return for long-term income.
The number of Victorians aged over 60 is tipped to nearly double to 2.3 million by 2046.
Infinite Care operates facilities in South Australia, south-east Queensland, Cairns and New South Wales.
Australian Unity was formed in 1840 and is a member-owned well-being company with 400,000 members and more than 700,000 customers.
Launched in 1999, the trust’s portfolio includes 102 assets incuding hospitals, medical offices and clinics, aged-care properties, day surgeries, rehabilitation units and radiology and pathology centres.
Knoxfield is 27km east of the Melbourne CBD.
Aged care has been tipped as one of the industry’s hottest sectors to watch in 2024.
