Levande was created when Sweden's EQT bought Stockland’s 58 retirement villages in February 2022. It is emerging as the largest new village builder in the sector.
“We want to be building 400-500 independent living units annually within the next couple of years. This scale of investment is absolutely essential as the retirement living sector prepares for exponential growth in retiree numbers, and, more broadly, as Australia grapples with a nationwide shortage of housing,” Kevin McCoy, Levande's Chief Executive Officer (pictured), said.
The first just announced acquisition deal, settled several weeks ago, is a parcel of 14 houses in Sydney’s northwest, comprising a total land area of approximately 1.25ha, with multiple street frontages.
The properties are part of Castle Hill’s Showgrounds precinct, which has undergone significant urban transformation as part of the Sydney Metro project, close to the Castle Towers Shopping Centre, The Hills Private Hospital, and Lakeview Private Hospital.
Levande intends to build 217 independent living apartments (ILAs) in a mid-rise village format, plus ancillary clubhouse facilities, for the retiree market. The site has development approval for 242 residential apartments, communal open space and landscaping in a central courtyard.
Construction is expected to commence in 2025, with initial settlements for the ILAs likely in 2027.
The Castle Hill site is about 14km from Levande’s 28-storey vertical retirement village, The Cambridge, in Epping, which is due for completion in mid-2025. The Cambridge design includes 172 independent living apartments and a 132-bed aged care facility.
Levande has also entered into a contract to purchase a 5ha greenfield infill site at Highton, opposite the Waurn Ponds Shopping Centre in Geelong, Victoria. The Highton site is within a significant growth corridor about 6km from the Geelong CBD.
The proposed development will include around 120 independent living units, a clubhouse and communal facilities. The site is located adjacent to a large medical precinct and close to several aged care facilities and public transport.
The deals follow Levande’s acquisition of a 1.75ha site in Bentleigh East, Victoria, earlier this year. It has also:
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Almost built 51 independent living units at Pine Lake Village, Gold Coast, with around 50% sold;
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Begun marketing 36 new independent living units at Waratah Highlands, in Bargo, 90km southwest of Sydney.
