City Pacific has launched into the retirement resort industry with the announcement of Australia’s first seniors-only highrise development worth $1billion on the Gold Coast.
The Queensland-based listed company has a 50% stake in a joint venture, which has secured sites on the Gold Coast, in Victoria and in New Zealand for retirement resorts.
The sites will be home to more than 1500 luxury apartments and villas with an end value of close to $1 billion.
City Pacific’s interest in the retirement-resort joint venture is held through fully owned subsidiary Grande Pacific. The remaining 50% stake is held between Hallmount, a company associated with Gold Coast developer David Cherry and New Zealand based retirement resort developer, Protac Investments.
City Pacific’s chief executive Phil Sullivan said it is intended to be of five-star hotel standard, offering a la carte in-room dining and incorporating the latest in aged-care technology.
He added that the retirement-resort move broadens the company’s base and will provide a reliable and recurring income stream.
“We have chosen sites that are in blue-chip locations and will build products that are very sophisticated yet offer practical living for people who may be 70 or more.
“We are catering for people who have aspired to, and achieved, the best things in life and aren’t prepared to lower their expectations just because they are elderly,” Sullivan said.
Construction of the joint venture’s debut development, a 25-level tower overlooking the Broadwater at Southport on the Gold Coast, is about to get under way.
The $70 million Southport tower will be built on a 2950 sqm Marine Parade site just north of the main Nerang Street shopping precinct.
The land has been bought for $9.2 million from Portbray, a company associated with Cherry and development partners. Portbray had owned the land since the late 90s.
Gold Coast construction company Glenzeil has moved on site to start a 116- apartment tower, the Grande Pacific.
Grande Pacific will also have a floor of smaller apartments for people needing special care and will also offer apartments designed specifically for disabled residents.
The Grande Pacific apartments will be equipped with panic buttons, will be wheelchair friendly, and nursing help will be available on-call.
Sullivan said buyers at the joint venture’s resorts will be securing their apartments for little more than the development cost.
He said prices are expected to start around $380,000, with a 270 sqm penthouse likely to carry a $1.7 million tag.
By Adam Parsons
