Stockland will commence construction on a $11 million expansion of Somerton Park Seniors Living Community to deliver new homes for seniors in South Australia.
The extension of the Somerton Park Seniors Living Community will see 35 new homes built to suit the changing needs of ageing Australians.
Each home will range from two and three bedrooms and offer two bathrooms and a lock–up garage. Prices will start from around $580,000.
The start of construction at Somerton Park followed the acquisition of eight South Australian retirement villages from Masonic Homes in June 2015.
"When we acquired the South Australia portfolio we were one hundred percent committed to developing, growing and improving these villages not only for current residents but also for the future ageing population of the state," Stockland Retirement Living Business Manager Michael Wappett said.
Stockland believes South Australia has one of the strongest retirement living markets in the country with the highest penetration of over 65s living in retirement villages at around 8.5 per cent.
“The expansion of Somerton Park Seniors Living Community is about meeting the increasing demand for quality retirement living in South Australia, allowing people to downsize but stay in their local area," Mr Wappett said.
Somerton Park Seniors’ Living Community currently houses over 210 residents and provides a wide range of accommodation options including serviced apartments, independent living apartments and villas.
The village offers an onsite restaurant, range of village activities and a village bus service. Located 12km south-west of the Adelaide CBD, Somerton Park is only 3km from Glenelg, one of Adelaide’s most popular tourist destinations, the village is also close to retail shops, transport and medical facilities.
The Somerton Park development will take place on the corner of Peterson Street and Chopin Road at Somerton Park, with Stockland carefully staging construction to minimise disruption to current residents. Construction is expected to be complete by March 2018.
A $27 million expansion of Lightsview Retirement Village in Northgate is also underway, with 33 new homes completed and the new 550 square metre clubhouse expected to be complete soon.
Stockland currently owns and operates 11 retirement villages in and around Adelaide, which are home to 1,200 residents. Collectively, they house over 11,000 seniors in 65 owned and operated retirement living villages across Australia.