Australia's largest aged care provider will deliver residential care services on the site of Aveo's existing Bayview Gardens Retirement Living community on Sydney's northern beaches about 30km north of the CBD.
Opal HealthCare, which operates more than 100 aged care homes across Australia and is jointly owned by AMP Capital and Singaporean investment firm G. K. Goh Holdings, will transform a decommissioned aged care building and unoccupied serviced apartment building on site into a contemporary residential aged care community.
Ownership of the two buildings will be transferred to Opal HealthCare, which will allow Aveo to bring forward plans to renovate the Bayview Gardens community centre. Work is expected to commence soon.
Aveo Chief Executive Officer Tony Randello (pictured above) said the addition of co-located residential aged care will allow residents to age in place, ensuring both a strong social network and community connections.
“Opal HealthCare is one of Australia’s top residential aged care providers and their investment at Bayview Gardens will provide another opportunity for local residents to remain in the Northern Beaches area as their care needs change,” Tony said.
“With the number of Australians aged over 85 set to triple in the next 40 years, we are ensuring we are at the forefront of connected, care-driven community design.
Aveo is preparing to be sold, with its Canadian alternative investment management owner, Brookfield, reportedly seeking around $3 billion from the sale. Aveo has its Tasmanian and South Australian retirement villages for sale ahead of its anticipated divestment.
