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Lend Lease has announced it will enter the senior living market in the ACT following the acquisition of a development site in the Canberra suburb of Isabella Plains, purchased from the ACT Government’s Land Development Agency.
Proposed plans for the four hectare site include a retirement village and associated community centre, with the acquisition an important part of the large property developer’s growth strategy for its retirement living business.
Paul Walsh, Managing Director of Lend Lease’s retirement living and aged care business said the site represented a good opportunity for the company to gain a foothold in the capital city.
“It provides Lend Lease with the ideal platform to enter the retirement living market in the ACT and implement a longer term strategy of developing retirement villages and potentially aged care facilities in the region,” Mr Walsh said.
“As the largest owner, operator and developer of retirement living communities in Australia and New Zealand, we are excited to have the opportunity to bring our development and operational expertise to the ACT.
“We look forward to working closely with all key stakeholders to ensure we deliver a high quality retirement village that meets the needs of the local market.”
The acquisition will complement Lend Lease’s existing non-aged care operations in the ACT, where it has been active for 50 years across project management and construction activities, residential community projects and the ownership and management of retail assets.
Lend Lease will now commence work on its master plan for the site prior to submitting its Development Application. Pending the outcome of this process, it is expected that works could commence on site some time this year.