Aged care provider Australian Unity has joined forces with wealth management group Ord Minnett to fund the development of a $125 million aged care and retirement living community in Victoria.
The 15-storey development, which is at Australian Unity’s former head office in Melbourne opposite Albert Park, includes 84 aged care places, 71 assisted living apartments, rooftop private dining and a wellness centre.
It aims to provide a continuum of home and healthcare options to meet the demands of residents’ changing needs.
The aged care home will be designed and operated under the provider’s Better Together small scale care model, which includes higher staff-to-resident ratios, rostering consistency, short distances to living spaces and meals prepared within the household.
Australian Unity general manager of social infrastructure Ryan Banting said the precinct will support older people and their changing needs.
“Despite the ongoing social and economic uncertainty stemming from the pandemic, coupled with regulatory change that will likely flow from the aged care royal commission’s recommendations, there is a growing understanding that we need to find new ways to invest in high quality accommodation and services for those in our community aged 80 and over,” Mr Banting said.
Ord Minnett director of private capital Trent Donnelly said Australian Unity has a proven track record in the sector as a trusted investment manager and early adopter of the integrated model of retirement living and home and residential aged care.
“This partnership will enable us to tap into their experience to provide new investment opportunities in high quality seniors accommodation, supported by client demand for high quality care, to our investors,” Mr Donnelly said.
Construction will commence this month and it is expected to be complete in late 2022.
Main image: An artist’s impression of Australian Unity’s 15-storey development.
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