Adelaide acquisition

Adelaide-based Masonic Homes has made its first move into seniors’ accommodation in the city’s southern suburbs with a $15 million acquisition.

Masonic purchased the 65-villa Walnut-Grove Estate at Old Reynella from a private investor.

The development’s single-storey villas are clustered in private streets near the Old Reynella Village, in an area where Masonic already provides community care services.

“We have had significant market inquiry for some time now from the southern and southern vales areas of Adelaide to establish an accommodation presence in this region,” said Masonic Homes CEO, Doug Strain.

Mr Strain said the organisation was looking for a seniors’ living development that offered high quality building stock, access to external infrastructure and the ability to meet the lifestyle needs of its customers.

“Walnut Grove meets those parameters,” he said.

“However, we remain strongly expansionary in our aspirations for southern Adelaide and have a second site at Noarlunga undergoing due diligence as to project development and joint venture partner opportunities.”

Also on the retirement living front, Masonic Homes announced that it expects to finish off its $12 million Hillside Gardens project by the end of August.

The 24-apartment development is being built at Heathfield in the Adelaide Hills.