Prime Trust buys villages in Victoria

PRIME Trust has bought two retirement villages in Victoria from Premier Villages.

The first village, Tarneit Skies, is in the final stages of completion and consists of 128 individual living villas and a 31 apartment complex complete with a Club complex. It is located in Tarneit, close to Werribee and approximately 28 kilometres west of the Melbourne CBD. The village is expected to be completed in mid 2008.

The second village, Seabreeze Retirement Village is on a 12 hectare site in Cowes, Phillip Island. This village is currently being constructed and is proposed to have 182 individual living villas and 30 apartments, to be completed over the next four years.

Prime Trust will receive 50% of the development returns and has an agreement to take over the village ownership at completion.

Australian Property Journal