Australian Unity sells Bondi retirement community to WA aged care provider
Australian Unity has sold its Lifestyle Manor retirement community to the WA-based Continuing Health Care Group (CHC) for an undisclosed sum.
The move comes amid Australian Unity’s push towards an aging-in-place strategy for its Villages, as evidenced by its purchase of Greengate Villages and Retirement Homes last May; According to Executive General Manager of Residential Communities Beverly Smith, the operator has reshaped its portfolio toward co-located retirement residences and senior care in small households over the past three years.
“Unfortunately, we were unable to find suitable ground to add an elderly care offer for small households within the Bondi compound, so we decided to embark on a process to find a suitable supplier to buy. Lifestyle Manor. This process culminated in the sale to CHC.
“Under the Terms of Sale, all residency agreements were transferred to CHC in their current form and all Village employees were given the option to continue in their current roles with CHC,” she said.
Cam Ansell, managing director of Ansell Strategic, which represented Australian Unity in the negotiations, told The Weekly SOURCE that CHC had been a customer of Ansell for 20 years, including the 2014 sale of residential care services for people seniors from CHC to Mercy Health.
“We continue to see strong demand for retirement villages across Australia, spurred by high residential prices and aging-in-place opportunities as residential aged care moves towards sub-acute service models,” he said.
CHC operates the St Louis estate in Claremont, WA; the purchase of Lifestyle Manor will give it a foothold on the east coast after its previous bid to open a nursing home for the elderly in Sydney was shot down in 2015.