With 29 retirement villages in operation, the business owned by Infratil and NZ Super Fund, is the sector's major developer.
RetireAustralia completed The Verge at Burleigh Golf Club in Miami on QLD's Gold Coast in June when CEO Dr Brett Robinson unveiled its first care suites, which are charged at $600,000 for a suite with no DMF, with residents entering under the Retirement Villages Act. Under the model, the resident is responsible for funding a daily fee of $300 per day. It is anticipated the resident’s care will be funded in part by their home care package, or on a fee for service basis where one is unavailable.
The Weekly SOURCE reported last month that Hutchinson Builders had begun building RetireAustralia's Arcadia Retirement Living with 159 independent living apartments and a 10-suite care hub, which is located in Economic Development Queensland’s Yeronga Priority Development Area in Brisbane.
With a pipeline of over 800 dwellings in Queensland and New South Wales, and care hubs included in all of its future greenfield developments, it is clear the operator is committed to providing residents with a realistic ageing in place option.
Infratil and NZ Super put RetireAustralia on the market in March 2022 with a reported price tag of over $1 billion. With its profits soaring, the joint owners announced it was off the market in December 2022. Now Jefferies Australia has been contracted to review their investment in the business.
RetireAustralia made a record $78 million underlying profit to March 2024, an increase from $30 million from the 2023 financial year. The uplift was underwritten by better operating metrics, higher unit prices and returns on developments. The portfolio has an $1054 million book value and is running at 96.6% occupancy, as of 31 March 2024. The average new unit was valued at $852,000 at March 2024, an increase from $702,000 in the previous financial year.
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