The Adelaide investment firm is set to significantly grow its retirement living portfolio over the next few years as the company continues to enhance its existing three retirement villages, such as its latest project at Kings Park Retirement Village in Adelaide.
Currently home to 24 independent living units, Kings Park will commence a substantial redevelopment in June with eight new one-level townhouse-style units to bring the total number of homes in the village to 32.
These new townhouses, ranging from 110 to 130 square metres, are expected to fall between $800,000 and $950,000, slightly lower than the suburb’s median house price.
The redevelopment will also include a full upgrade of the community facilities and landscaping with the works expected to be completed by the end of 2025.
Adelaide construction company Centina has been appointed to carry out the building works, with local architect Brown Falconer taking on the design and services provided by MLEI Consulting Engineers and BCA Engineers.
Property and infrastructure funds manager ICAM launched its Diversified Seniors Living Fund in April 2022 with two retirement village seed assets: Langton Park, 9km northeast of Adelaide, and The Elms Retirement Estate, in Kilmore, 65km northwest of the Melbourne CBD.
The group, which is chaired by industry veteran Jim Hazel, purchased Kings Park, its third village, in July 2024 from Aveo as it sold down its South Australian portfolio.
ICAM now plans to build a fund size of between $150 million and $300 million, with 10 to 15 assets nationally.
“We’re very bullish on senior living markets,” Jane Petrie, ICAM’s Head of Property Portfolio Management, told The Weekly SOURCE. “We find the Retirement Living Council very supportive. We see that the Government is also beginning to take note so we are keen to develop further and grow our portfolio and get more involved in the sector.”
Watch this space then.
