Lend Lease CEO Michael Eggington swept in just before Christmas and negotiated the purchase of the two Waterbrook villages in Sydney, located in Greenwich and Yowie Bay. The deal was finalised last Tuesday.

Established by Kevin Ryan as the most exclusive villages in the country; Eggington says they will be a cornerstone in their strategy to create an ‘aspirational' village segment and brand.

The two villages will add to the 5 Star Menzies Malvern and Classic Residences Brighton which Lend Lease acquired pre Christmas in the Retirement Alliance portfolio.

Eggington identified that most consumer categories have an aspirational category, for example cars, hotels and service providors. He sees the same for retirement villages where the rest of the brand can leverage that prestige.
He can see this prestige brand in every capital city plus possibly New Zealand.

While Waterbrook was conceived and driven by Kevin Ryan, the group was a partnership between Ryan, the Oatley family (ex-Rosemount Wines and the yacht Wild Oats) and Iain Murray, the yachtsman.

Ryan has retained the Waterbrook brand with Lend Lease intending to develop a new identity over the next 12 months.  Eggington is looking at further acquisitions.