Work will commence on North Kirra’s first retirement village, a $47million 10-storey vertical development by retirement living operator Aura Holdings.
The Gold Coast City Council recently approved minor changes to the development approval which will see Aura Holdings start construction on the 3-5 Lang Street development.
Brisbane-based Aura Holdings, founded by Tim Russell and Mark Taylor in 2016, purchased the 2025sq m site for $5.35 million in December 2017.
Located on the corner of Lang St and Golden Four Drive, the O’Neill Architecture designed project will deliver 68 one, two and three-bedroom apartments, to be built by Woollam Constructions.
Aura Holdings is currently involved in six projects across southeast Queensland, spanning Brisbane, Sunshine Coast, Gold Coast and Toowoomba, with a focus on retirement living apartments.
Russell said several buyers had already downsized to unit living on the Coast but were now unhappy living in apartment blocks, open to holidaymakers and the Airbnb market.
“You want to be offering something you’re happy to put your parents into,” Aura Holdings director Tim Russell said at The Urban Developer’s Developing for an Ageing Australia summit last week.
Stage one of the project is expected to be completed by March 2021.
Further north, aged-care giant Aveo Group is undertaking a 16-storey retirement tower in Labrador. The Gold Coast City Council approved Aveo’s $62.5 million tower in June last year, with a completion date slated for 2020.
Urbis researcher Kylie Newcombe described Queensland as the nation's “retirement state”, home to Australia’s highest penetration rates, the proportion of residents over the age of 65 living in retirement villages, with Queensland's rate at 6.7 per cent.
Apartments at The Pavilion will range from $495,000 to $1.28 million.