Market supports retirement growth

A retirement complex in Adelaide’s northern suburbs is set for a 31-villa upgrade due to popular demand.

Masonic Homes has decided to add another 31 seniors villas to its Ridgehaven Rise complex in Adelaide’s north in response to strong demand from the region’s retirees.

The $10 million expansion plan will take the number of villas on the site to almost 200 and development work will begin at the end of the year.

In the past 18 months, the site has seen the addition of 58 new villas which have already achieved high occupancy rates.

Masonic has also invested $1 million in refurbishing older units located at Ridgehaven.

“This has helped ensure Ridgehaven’s emergence as the hub of seniors lifestyle options for many of Adelaide’s larger northern suburbs and we will continue to assess further investment on site in the near-term,” said the organisation’s CEO, Doug Strain.

The site also contains a 123-bed mixed high and low care residential facility.

“The availability of the high standard on-site nursing facility proved a value-add in the sales momentum for the most recent villa development at Ridgehaven,” said Mr Strain.

“On this basis, we would expect customer commitment to the 31 proposed new villas to be fully subscribed before construction is completed later next year.”

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