EXCLUSIVE: The four retirement villages bought for $105.3 million by the boutique investment house, which raised the money to buy four Stockland retirement villages in Victoria in 2020, have 909 independent living units and related clubhouse facilities. 

The four villages purchased by Prime Value Asset Management in November last year were sold by RCA Villages. They are: 

• Beleura Village, Mornington; 

• Cardinia Waters Village, Pakenham (pictured); 

• Main Street Village Pakenham; and  

• Wyndham Grange Village, Tarneit. 

“We were attracted by the strong occupancy and high quality of the villages, with future demand underpinned by the desirable village locations and favourable long-term demographic trends,” said Derek McMillan, Centennial Living Managing Director, who also operated the four Stockland villages in a deal with Prime Value Asset Management. 

RCA Villages Managing Director Andrew Philip said he was pleased Centennial Living would take over the operation of the four villages sold. 

"They have a deep knowledge and understanding of RCA’s village operating model and the extensive benefits that the model provides for our residents. RCA is primarily a developer and operator of new retirement villages, and the sale enables us to free up invested capital,” Andrew said. 

RCA Villages still owns and operates five villages, mostly on the Mornington and Bellarine Peninsulas. 

Derek resigned as CEO of Australian Unity’s retirement business after about 15 years to establish Centennial in his own right.  Andrew Phillips was the CFO of the Knowles Family’s ARC group of villages which they sold to Stockland around 2007, with Andrew setting out on his own with RCA.  

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