Primelife has bought a development site at Wodonga, Victoria.
Primelife and Babcock & Brown have teamed up to develop the site into for a 160-unit retirement village.
Primelife’s managing director Jim Hazel said the project is the second in Primelife’s development joint venture with Babcock & Brown.
“The Wodonga City Council has identified a significant shortage of quality retirement village units and we are pleased to fill this need.
“The proposed development is located about 3.5 kilometres from the Wodonga CBD and is approximately 320 kilometres north east of Melbourne,” he added.
Hazel said the development site forms part of a larger ‘Enterprise Park’ that consists of residential subdivision with two areas for commercial, adjacent industrial and a bus depot.
Babcock & Brown’s head of corporate finance Rob Topfer said the JV partners expect to further developments in the coming months.
The acquisition of land agreement is subject to obtaining relevant planning permits.
By Kathryn O’Meara