Drysdale greenfield area slated for retirement home

NEW Zealand retirement village operator Summerset has targeted Drysdale for its latest development project and snapped up a 10-hectare block.

Summerset Group Holdings announced last week it had closed a deal for 9.96 hectares of land, which is just north of Drysdale Recreation Reserve at Wyndham Street and Marsh Court, and cost around $35 million.

The investors have 33 retirement villages in New Zealand designed for over-70s and expects to deliver its first Australian facility in Melbourne by the end of next year.

Summerset chief executive officer Scott Scoullar said the appeal of the site was due to its location in an established area serviced well by social, recreation and retail amenities.

“Drysdale is a popular location on the Bellarine Peninsula adjoined with the suburbs of Clifton Springs and Curlewis.

It provides excellent access to numerous amenities in the area including Clifton Springs Foreshore Reserve, Clifton Springs Golf Club and the Lake Lorne Recreation Reserve,” Mr Scoullar said.

“The local area has recently benefited from significant investment in infrastructure including a $117 million bypass designed to improve access and reduce traffic congestion through the town centre.

“We know that many people like to retire in their neighbourhood, so we look forward to giving local residents in the northern Bellarine Peninsula an opportunity to do just that.

We imagine the proposed village will be very popular with Victorians from all over the state looking for the opportunity to live in a beautiful lifestyle location.

“Our village will offer a full range of high-quality accommodation, including independent living serviced apartments and a residential aged care home.

“We’re really pleased to have secured this land at Drysdale and the Australian team continue to make good progress on our development pipeline,” Mr Scoullar said.

Mr Scoullar said the Drysdale site fit into the investment firm’s long-term strategy of increasing its spend in Australia, where he said the over-75 population is set to more than double to 4.1 million within 30 years.

Summerset’s deal follows Stockland’s purchase of a 26-hectare block at Curlewis for a reported $60 million, which is expected to become a land-lease retirement community of up to 420 lots.

The latest investment comes after string of projects from the New Zealand-based company, with projects underway in Melbourne’s outskirts including Yarra Valley, Chirnside Park and Cranbourne North.