Real estate investor and manager Cromwell Property Group (Cromwell) (ASX:CMW) has today announced the acquisition of one of Sydney’s premier Seniors villages, The Landings at Turramurra (The Landings), for $60 million, through its Seniors Living Joint Venture, LDK Healthcare.
The Landings, located on an 11.87-hectare (118,700 sqm) site in North Turramurra, on the Upper North Shore is a premium, master-planned community comprising 220 architecturally-designed, spacious dwellings. Facilities include a clubhouse, lawn bowls green, lakeside putting green, landscaped gardens, heated indoor pool and gymnasium.
The village contains 106 three-bed villas, known as ‘Independent Living Units’, as well as 114 one, two and three-bed ‘Independent Living Apartments’. The site was developed in stages, with 139 dwellings completed between 2003 and 2004, 33 in the mid to late-2000s, 18 in 2011 and 30 in 2013.
Cromwell CEO, Paul Weightman, commented, “Seniors Living is a thematic which we believe has a lot of potential.”
“Our joint venture, LDK Healthcare, led by LDK Managing Director Paul Browne, will shortly take over operational responsibility at The Landings,” he added.
“LDK will begin rolling out their unique membership model including the ‘One Move Promise’, whereby residents can enjoy the lifestyle they choose, with their own self-contained home, for life.”
“The Landings is the second village to be secured as part of the joint venture. LDK will be the operator of a planned 390-apartment, 500-resident Seniors village at Tuggeranong in Canberra, where a sales suite is set to open next month,” he concluded.