Grand plans for retirement living community at Highton

Geelong’s market for retirement living is about to get more crowded as a new entrant acquired a substantial landholding at Highton.

Retirement living brand Levande, owned by Swedish private equity find EQT Infrastructure, has emerged as the purchaser of the close to 5ha Colac Rd property opposite Waurn Ponds Shopping Centre.

Levande secured the vacant residential infill site in a deal worth in excess of $20m, negotiated by the Colliers Geelong team of Chris Nanni and Ben Young.

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The 47,108sq m property at 140-150 and 152-156 Colac Rd and 246-248 South Valley Rd is suited to multiple mixed-use and residential development outcomes.

“The campaign generated interest from local and national residential, aged care and retirement

living developers, many of whom we know are still in acquisition phase throughout the Geelong region, as it continues to provide significant growth and opportunity,” Mr Nanni said.

“The property is surrounded by incredible amenities, with the Waurn Ponds Shopping Centre and Homemaker Centre, as well as Epworth Hospital, Deakin University and Geelong CBD, all just a short drive away.”

Retirement living brand Levande has acquired a circa 5ha Highton site amid expansion plans in the Geelong region.

Mr Young said the prime location was a key consideration for Levande.

The Highton site will reportedly house around 120 independent living units, a clubhouse and communal facilities.

A portion of the site was earmarked for a $13.5m townhouse and apartment project from Glengarry Developments, which is behind the nearby Nexus project on the former Flintstones site.

Part of the site had previously been the target for German supermarket giant Kaufland before Geelong councillors blocked development plans.

The site is adjacent to a substantial medical centre.

Surrounding suburbs hold some of Geelong’s biggest retirement and over-55 lifestyle communities from industry players, including Keyton, Ryman Healthcare and Stockland’s Halcyon.

The 4.7ha site at 140-150 and 152-156 Colac Rd and 246-248 South Valley Rd, Highton.

Levande, which is chaired by David Gonski, has been acquiring key sites around Australia with the aim of not only growing but also investing in and refurbishing its portfolio of assets, which includes 58 retirement communities.

The Highton site fits the mould of the brand’s growth strategy, looking to acquire assets in prime locations to fulfil the demand for high quality retirement living.

Geelong has benefitted from a large population shift out of Melbourne and other regional areas seeking greater lifestyle opportunities.

Highton is undergoing a transformation, offering diverse housing options.

Geelong’s growing demand is highlighted by an influx in infrastructure investment, with the largest industries including healthcare, retail and construction.

Mr Nanni said there is continued demand from the retirement sector for landholdings in the region 4ha and 12ha.

“There are a number of groups looking for large landholdings down on the Bellarine, Surf Coast and Greater Geelong. Some have secured sites already and some are still looking,” Mr Nanni said.

“They’ve obviously seen Geelong as a growth area and are looking to expand their portfolios.”