close
close

Levande buys two more building plots as part of a $2 billion investment

Posted on by darion

Levande was founded in February 2022 when Sweden’s EQT bought 58 Stockland retirement estates, making it the largest developer of new estates in the sector.

“We are looking to build 400-500 self-contained living units per year over the next few years. This scale of investment is absolutely essential as the retirement sector prepares for an exponential increase in the number of retirees and, more broadly, as Australia grapples with a nationwide housing shortage,” said Kevin McCoy, CEO of Levande (pictured).

The first recently announced sale, which closed a few weeks ago, is a 14-home site in Sydney’s north-west, covering approximately 1.25ha with multiple street frontages.

The properties form part of the Showgrounds precinct in Castle Hill, which has undergone significant urban transformation as part of the Sydney Metro project, and are close to Castle Towers Shopping Centre, The Hills Private Hospital and Lakeview Private Hospital.

Levande intends to build 217 Independent Living Apartments (ILA) in a mid-rise village format, as well as additional club facilities, catering for the retirement market. The site has planning permission for 242 residential apartments, communal open space and landscaping in the central courtyard.

Construction is scheduled to start in 2025, and initial ILA settlements will likely take place in 2027.

The Castle Hill site is approximately 14km from Levande’s 28-storey vertical retirement village, The Cambridge, in Epping, which is due for completion in mid-2025. The Cambridge development comprises 172 self-contained apartments and a 132-bed residential aged care facility.

Levande has also entered into an agreement to purchase a 5ha greenfield infill site at Highton, opposite the Waurn Ponds Shopping Centre in Geelong, Victoria. The Highton site is located in a significant growth corridor, approximately 6km from the Geelong CBD.

The proposed project will include approximately 120 independent living units, a clubhouse and community facilities. The site is adjacent to a large medical district and close to several senior care facilities and public transport.

The deals follow Levande’s acquisition of a 1.75ha site in Bentleigh East, Victoria, earlier this year. The company also has:

  • Nearly 51 independent living units have been built in Pine Lake Village, Gold Coast, with around 50% of them sold;

  • Sales have begun on 36 new self-contained apartments at Waratah Highlands, in Bargo, 90km south-west of Sydney.

Check out Levande Retirement Villages on villages.com.au