Primelife has agreed to buy the Camberwell Green Retirement Village from an investment syndicate for $400,000.
The purchase is part of an order made in the Federal Court for the final winding-up of the managed investment scheme relating to Camberwell Green.
The purchase will see parties terminate the agreements relating to the original sale, development and management of the facility.
Camberwell Green currently operates as a serviced apartment facility.
Primelife’s managing director Jim Hazel said Primelife’s experience is that serviced apartments have proven to be a difficult product to sell.
“Now that the contractual uncertainty relating to the facility is resolved, Primelife will consider a series of options to improve the performance of Camberwell Green, including its possible conversion to an aged care facility.
“With the settlement of Camberwell Green, this leaves schemes relating to only 6 of the 23 facilities or developments to go through the winding-up process. We anticipate that all the remaining schemes will be finalised in this calendar year,” Hazel added.
Settlement will occur on July 04, 2006.
By Adam Parsons
