Growing residential and retirement provider Aspen Group has settled the $2.36 million acquisition of the Lewis Fields Retirement Village in the town of Strathalbyn, 60km southeast of Adelaide CBD.

“Lewis Fields is the premier retirement village in Strathalbyn and the only one under development and offering new houses. The property is approved for a retirement village with 80 houses of which 26 have been built to date,” Aspen Group, which is Aspen Group and Aspen Property Trust, told the Australian Stock Exchange.

“We propose to develop and sell the remaining 54 houses under a land lease community model subject to the relevant approvals being obtained, as we believe it is a more attractive product for our customers. We also intend to reduce exit fees for existing residents.”

Lewis Fields Retirement Village is the fifth purchase by the Bondi Junction, Sydney-based Aspen Group in the 2021 Financial Year, increasing the number of approved sites it owns to 2,745. It settled its $18.5 million purchase of a co-living community in Upper Mount Gravatt, Queensland, in April.