WORK has begun on a multi-million dollar retirement village joint venture involving Police & Nurses Credit Society and Homestay Village Group.
Jacaranda Gardens, a 2.6-hectare independent living retirment village in Canning Vale, represents the Police & Nurses Credit Society’s first foray into retirement accomodation.
The society’s chief executive, Fred Huis, said research had shown the retirement village industry accomodation was growing, particularly in Western Australia, where there was a growing demand for quality retirement accomodation and an insufficient supply to meet demand.
“It has long been a critical part of our corporate strategy to develop a prestigious yet affordable retirement village for over-55 members who make up a significant percentage of our client base,” he said.
“This is a market sector of rapid sustained growth and a retirement village like Jacaranda Gardens is a sound investment for Police & Nurses.”
Mr Huis said Canning Vale was chosen for the site of the village because it had a high population of 55-plus residents and the area was well serviced with public transport, shops and infrastructure.
The area has 28 medical centres and 83 medical practitioners within a five-kilometre radius.
When completed, the village will comprise 84 villas built around a central community centre. Villas will be offered on a lease for life basis rather than a strata title to provide peace of mind and reduce stamp duty.
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