Picture (left to right): Tim Ryan (Adelaide Benevolent Society), Justin Hazell (Colliers International) and Paul Madden (The Wyatt Trust).
The sale of the 56 units at Elizabeth East, Payneham South, Firle, Christies Beach, Christie Downs and Victor Harbor was negotiated by Colliers International’s director of Transaction Services for its Healthcare and Retirement Living product line, Justin Hazell.
The Wyatt Trust’s chief executive Paul Madden said the organisation was “delighted” with the outcome, having wanted another non-for-profit to take the reins.
“We wanted to channel our resources into our core activity, which is distributing charitable grants to the community,” he said.
“Each year, about $3 million is distributed in grants. The funds from the sale of the retirement villages will expand our capacity to do more to help South Australians in need.”
Adelaide Benevolent Society’s chief executive officer, Tim Ryan, said the decision to purchase the eight villages was in line with the organisation’s focus on providing affordable housing for disadvantaged people.
“With housing affordability such an issue, the society provides rental housing to people in need at affordable rates,” he said.
“Taking on this portfolio of retirement housing will help us assist more people, particularly older South Australians. Established in 1849, the society has been providing affordable housing for more than 100 years, and this purchase will take our stock to about 250 properties.”
Mr Hazell said the competition for the portfolio demonstrated the strength of the retirement village sector in South Australia.
“We are seeing increasing demand for all retirement village and aged care assets, as well as development sites that are capable of accommodating vertical healthcare developments,” he said.
“For many organisations, scale is becoming increasingly important. This transaction provides the Adelaide Benevolent Society with the scale it is seeking, enables The Wyatt Trust to focus on its core activities, and protects the interests of existing residents. It’s a win-win.”
