Moira Shire Council in Victoria has approved the plans for a retirement village to be built in Cobram, by Melbourne-based development firm Akuna Group. The $40 million, 148-dwelling lifestyle community is set to begin construction in four to six months, with approval passed last week.

Akuna Group Managing Director Graeme Jacobs spoke highly of the community’s purpose in the vicinity, and Akuna’s longstanding reputation for providing senior housing and real estate developments.

‘‘Fundamentally, we’re providing quality housing for people in retirement and at a time when they’re coming to retirement. This target market is growing at 30 per cent per year, with a third of Australians estimated to be over 55 within a generation,” he said.

Notably, Mr. Jacobs highlighted the difference in the Akuna residential land lease community model as a more affordable option, compared to other conventional retirement village models.

‘‘Under our model there are no exit fees, with any future house sale only subject to the normal residential sales commission fee of 2.5 per cent. There are no refurbishment fees or other costs imposed on the residents with residents getting all the proceeds from the sale of their houses.”

The community will feature additional common areas and clubhouse, bowling green, swimming pool and gym, and is planned to meet completion in three to four years.