Keyton land acquisition expands its Victorian development pipeline.
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Vermont South new development aerial image

Keyton land acquisition expands its Victorian development pipeline

Friday, 19 July 2024

Keyton, one of Australia’s leading retirement living developers, has acquired its first land parcel under its new name with the purchase of 500 Burwood Highway in Melbourne’s leafy green Vermont South.
    
“This is an exciting milestone for Keyton as we pursue our growth strategy both here in Victoria and across Australia,” said Nathan Cockerill, Keyton Chief Executive Officer.

“This is the first acquisition we have made since we stood up Keyton as an independent business from our Lendlease retirement living origins and I commend the team, led by Head of Development Jason Fitzgerald, for successfully executing the purchase.

Jason Fitzgerald says this acquisition is a huge first step for Keyton’s national growth strategy and a significant addition to the Victorian development pipeline.

“This is a fantastic site with all the key attributes to deliver a truly inspired and connected retirement living community.  The prominent 500 Burwood Highway address would be well known to many locals as the old Australian Roads Research Board (ARRB) headquarters. 

“This infill development is superbly located with established services, retail, and transport infrastructure all on its doorstep, only 20km from the CBD. And its elevated position gives spectacular views to the Dandenong ranges,” Fitzgerald said.

“Our vision will deliver high-quality, purpose-built seniors’ residences for sustainable low-cost living within a connected and supportive community environment.

“Preservation and adaptive re-use of the site’s heritage building will become the centre piece for the new community to support an active and independent resident lifestyle with a strong focus on wellbeing,” Fitzgerald said.

Nathan Cockerill believes the new project will also have a positive impact on housing supply in the region, and beyond.

“Housing affordability, as a product of constrained supply is a national issue and is dominating current public debate. The federal government recognised that retirement living communities can help ease this problem in its recent decision to include retirement living units in its national target for 1.2 million new homes over the next five years.

“Incentivising the States under this program opens the opportunity for retirement living developments like this project in Vermont South to be part of the much-needed solution to the national housing crisis.

“The Victorian Government’s Housing Statement says the State needs 80,000 new homes a year to begin to ease housing pressures. A new retirement living community provides affordable housing options for seniors and frees up existing supply in the wider housing market as those seniors ‘right-size’.

“The development of more independent living retirement communities is a key part of the housing solution. We also know these communities deliver broader health and wellbeing benefits to residents that reduce demand on aged care and health services. 

“The benefits of retirement living are many and varied but to put it plainly, as a sector we provide more, high quality homes for senior Australians and we help them stay healthier longer and reduce demand on our health and aged care sectors. 

“And all of this means savings to the taxpayer,” Mr Cockerill said.

“I am excited for this Vermont South opportunity, not only for Keyton as we expand our offering in the retirement living market but for what it can contribute to the wider community in Victoria.”

About Keyton

Keyton is a leading owner and operator of over-55s living communities in Australia with more than 75 villages nationally and 17,000 residents across the country. Keyton has over 30 years' experience in the market and an ongoing commitment to creating communities and care for residents. Keyton is proudly owned by a consortium made up of Aware Super, APG Asset Management and Lendlease.

About the Keyton Retirement Living Lifestyle Report:

The Keyton Retirement Living Lifestyle Report is an annual survey over 4,500 Australian adults aged over 55 years, who are retired or semi- retired (excluding those living in aged care and those with dependents under 18 living at home). The 2023 survey was conducted between 11 December 2023 and 10 January 2024.

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Tim Mahony