RetireAustralia achieves a record year in sales
"Strong demand is being experienced across the portfolio with waitlists in place for 24 of 29 villages and occupancy remaining high at over 96%, compared to the industry benchmark of 89%," New Zealand's Infratil said in its Full Year Results for the...
If RetireAustralia is on the market, as stated, expect it to raise a substantial amount of money. Joint owners Infratil today announced RetireAustralia had a record year with 408 resales, generating cash flows of A$78 million combined with 146 new unit settlements, with first sale proceeds of A$124 million. "Strong demand is being experienced across the portfolio with waitlists in place for 24 of 29 villages and occupancy remaining high at over 96%, compared to the industry benchmark of 89%," New Zealand's Infratil said in its Full Year Results for the year ended 31 March 2024. RetireAustralia achieved an underlying profit of A$79 million, reflecting a significant increase of A$48 million on the prior year, driven by robust resales, strong capital gains and development margin. Highlights include:
- A record year of 554 total settlements, comprising 408 resales and 146 new ILUs;
- The average resale DMF/gain per unit rose to A$191,000, up from A$154k last year, due to strategic price increases and a favourable mix of units available;
- Successful completion of 230 units at The Verge in Burleigh Heads, Gold Coast, and The Green Tarragindi, Brisbane, with ongoing work on 42 units at Tarragal Glen on the NSW Central Coast;
- Launched a new care hub model at The Verge (opening in May) to provide comprehensive, nurse-led care, enhancing the living options for residents; and
- Acquired a premium development site at Graceville, 10km southwest of Brisbane's GPO, adding 111 new independent living apartments (including care hub) into the development pipeline.
Infratil said RetireAustralia expected to continue growth with an expected 500-550 total settlements in FY25, including 90-110 new developments supported by strong pre-sales. It is also set to complete 42 units at Tarragal Glen during FY25, with new projects beginning at Carlyle Gardens (32 ILUs) and Arcadia (177 ILAs). It is targeting to commence development of 600 new units across the next three financial years, leveraging a substantial development pipeline to meet strategic growth targets. Browse villages.com.au for the latest on Seniors Living including availability. ACCPA CEO Tom Symondson the peak body's progress and responsibilities: LEADERS SUMMIT 2024
