GreenFort Plots Retirement Village Expansion after Maleny Buy

Alternative fund manager GreenFort Capital is preparing plans to expand its fifth retirement village after picking up Maleny Grove on the Sunshine Coast from the Live Life Group.

The acquisition for an undisclosed price brings the group’s Reside Communities portfolio to 1000 homes with an end value of $1 billion.

GreenFort has now submitted Stage 2 plans for Maleny Grove for the 3ha site at 9-11 Palm Street, Maleny, to the Sunshine Coast Regional Council.

Currently the site has 28 retirement homes—the new plans would add 66 luxury villas as well as a community centre with pool.

Pending development approvals, the Maleny Grove expansion is expected to begin this year for a 2027 completion.

The plans continue the group’s dual strategy of redeveloping villages and building new ones in key infill locations.

It come after the completion of a luxury clubhouse and 132 homes at its Samford Grove Village in north-west Brisbane.

Construction is under way on Reside’s other communities at Esperance Hope Island, Fairway Carindale and Brookland Village in Robertson.

GreenFort Capital partner and Reside co-founder Adam Vaggelas said the group’s strategic approach had been extremely successful during the past five years.

“The market fundamentals for seniors’ accommodation remain compelling,” Vaggelas said. 

“The ageing population in Australia is an extremely strong demographic, with the number of people aged over aged 65 having doubled since 1995 to more than 4 million today.

“This trend is set to continue and there remains a severe shortage of suitable downsizer accommodation to meet this growing demand.”

Published on 19 March 2024