In the Not For Profit’s annual report 2022/2023, Chair Mike Halloran and CEO Patrick Reid (pictured) stated that in order to fund its ongoing delivery of fit-for-purpose aged care centres it is building more retirement living units across its Village business.

The Wollongong, NSW-based charity which owns and operates 29 retirement villages and 18 residential aged care homes, said it has taken two immediate steps to maintain its high-quality services after recording a FY23 loss of $4.5 million.

“This investment not only attracts new retirement living residents, but the return on this investment enables us to reinvest in upgrading our aged care centres. Both forms of investment are aimed at meeting the changing expectations of older Australians.”

IRT Group is building new retirement living units at IRT Dalmeny, Henry Brooks Estate at IRT Kanahooka, and IRT Woodlands over the next 12 to 18 months. It is also continuing to progress plans for its newest retirement living development – Elements at IRT Towradgi Beach. It will also refurbish the IRT Diment Towers Aged Care Centre for independent living units, following the decision to gradually close the aged care centre.

“In looking further to the future, our retirement villages will offer residents access to services to enhance their wellbeing. At IRT Kangara Waters we are developing a model which provides residents with access to holistic services, including allied health providers and fitness classes. We'll then look to implement this at other retirement villages,” the report stated.

IRT Group stated operational revenue increased by 10.2% to $253.1 million.