Australian Unity and Becton Corporation are to build a $80 million over-55s residential development in the up-market Melbourne suburb of Brighton.
Australian Unity and Becton Corporation are to build a $80 million over-55s residential development in the up-market Melbourne suburb of Brighton.
The joint venture, called Classic Residences, plans to build sophisticated houses aimed at the top end of the retirement market.
The Brighton development will offer 300 houses and garden apartments with 5.2 hectares of landscaped grounds. Prices for the homes will start at $180,000.
The plan is to build more houses in inner-city suburbs up the east coast of Australia. The partners are looking at sites in Sydney and Brisbane as well as Melbourne.
Australian Unity managing director Mark Sibree says the retirement industry in Australia is fragmented, with many players and with short-term financial goals.
“This joint venture will create a standard never seen before in over-55s accommodation, offering high-quality diverse housing with a lifestyle environment,” he says.
“It will be people-focussed and service-driven.”
