Buyer Sees Expansion Potential

Reside Communities has made its first acquisition with the purchase of a retirement village in Brisbane’s outer northwest.

They paid about $8 million for the freehold and operation of the Samford Grove Retirement Village in a deal struck by Savill’s Gregory Woods and Robert Dunne.

The village has 27 independent living villas, a community centre  and over 4ha of surplus land affording the potential development of more than 100 additional dwellings.

Reside Communities chief executive Glen Brown said the purchase aligns with the group’s strategy of building a boutique retirement portfolio of high quality, well located villages in areas of strong demand.

“Samford Grove is an existing operating villages with a great opportunity to expand and improve via further development,” he said. It follows the announcement last year of the group’s proposed Retirement Village at Pacific Golf Club in Carindale.

Published on Friday July 6, 2018