“We plan to grow the number of units to about 20,000 through a range of new developments and upgrading and rebranding existing properties.”
One of the directors in CBRE’s healthcare & social infrastructure team, Jimmy Tat, said the country’s retirement living market is seeing consistent development activity from operators who offer intergenerational models of care. He said these typically encompass retirement villages or apartments.
“Since the start of 2020, there has been exponential growth in demand for retirement village developments and existing dwellings across the country, with rising construction costs one of the catalysts for a significant spike in buyer appetite for existing assets,” Tat said.
“Transactional activity across the sector increased by 200 per cent in 2022, having increased by the same amount in 2021. Purchasers of retirement villages range from owner occupiers and investors to value-add developers.”
The land lease sector, where the landlords retain ownership of the land and the tenant can take out a long lease, is also key growth path for the Keyton business.
Cockerill said the group’s over-55’s lifestyle communities would suit the land lease model which would sit adjacent to the traditional business.
“With our support from investors, we have the financial capacity to expand and keep the development pipeline active,” Cockerill said.
Aside from the pure property focus, Cockerill said Keyon will “lead with the heart” with providing wellness, community spirit and social connectivity.
“The focus for Keyton will continue to be on much more than just accommodation or quality resort-style living. Each village reflects its unique location – exuding a sense of place and importantly, a sense of belonging and connection,” he said.
An image of the Gramercy Terraces townhouses in Richmond, Melbourne.
“Together with our expertise in village operations and management as well as development and placemaking, we provide all village and resort residents with superior lifestyle opportunities underpinned by a strong sense of community spirit,” he said.
Loading
“This is emphasised in our internal story of lead with heart, which really outlines what we are all about.”
Located across regional and urban settings ranging from premium resort-style accommodation to standalone units and serviced apartments, Cockerill said each Keyton community has been curated for “comfort, safety and enjoyment”.
The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.