The Gold Coast City Council approved the $62.5 million tower in the suburb of Labrador, with the development set to accommodate 96 one-, two- and three-bedroom units for more than 150 seniors.
The tower, located on a 2014 square metre site in Frank Street, will offer a heated pool, gym, sauna and community room with dining and bar facilities and consultancy rooms for visiting health professionals.
Aveo Group chief executive Geoff Grady said the vertical living concept allows residents the convenience of living in a beachside postcode with access to care and health services.
“The needs of today’s retirees are changing and we know that our future residents won’t want to leave their familiar suburban areas – they’ll want to remain connected in their local community when they choose to retire,” Grady said.
The project is Aveo’s sixth retirement development on the Gold Coast.
Another publicly-listed aged care provider, Japara has commenced construction on a $30 million aged care facility in the Easy T precinct of Gold Coast’s Robina.
The six-storey facility will accommodate 106 beds across nearly 7000sq m and is anticipated to open in mid-2019.
Japara chief executive officer Andrew Sudholz said the project had been chosen because of its proximity to the Robina CBD.
“The site provided Japara with a rare opportunity to secure a parcel of land in an area of significant demand, with proximity to major infrastructure, such as Robina Town Centre and Robina’s health precinct – including public and private hospitals,” he said.
Japara’s new $30 million facility neighbours the recently sold Easy T Centre, anchored by a Spano’s Supa IGA supermarket and 40 speciality retailers.
The centre was acquired by Clarence Property for $31.6 million in 2006 and sold last month to a Gold Coast-based investor for $35.8 million.
Recent data by the Housing Industry of Australia revealed that the Gold Coast’s retirement community will inject $3.5 billion into the city’s economy over the next five years.
ABS figures showed that the number of over-65s living in the Gold Coast jumped 28 per cent between 2011 and 2016.
Meanwhile, a post-Commonwealth Games development pipeline of $30 billion will help meet the Gold Coast’s projected growth, with recent research by Ray White Surfers Paradise and Urbis suggesting that the post-GFC lull was well and truly over.
“As a result of the hiatus in development, we’ve had rental vacancy rate sitting at around one per cent for some time as well as significant pent-up demand for residential land in many areas of the city,” a commercial real estate agent said.