The grand strategy of a four floor aged care facility being the anchor for a further 31 story apartment block above looks now to become a reality with Estia purchasing Noble Life Aged Care last week.

Victoria Towers on the Gold Coast was developed in 2011 by 2 Korean companies, City Plans Partners and Lotte Engineering and Construction. They incorporated Noble Life as a aged care facility but with the slow apartment sales in the aftermath of the GFC the aged care facility was not 100% completed.

Estia has now purchased the aged care facility and will complete the development. Agitation by apartment owners will be relieved and early signs are that apartment sales are picking up now that the aged care facility has been finalized. The sale was broken by Phil Smith and Chris O’Driscoll of Colliers.

Estia has also purchased three aged care facilities in Adelaide. Combined the new additions will deliver 181 beds; they can add a further 75 with licenses already held.

Since July Estia has purchased 10 aged care facilities taking them to 4,697 beds. They want 10,000 beds by 2020 – five years from now.