with an ageing population surely there must be money to be made in retirement villages/nursing homes? What do people think? Its recession proof and a necessity? Does anyone know where 1 could obtain more information?
I wouldn't even consider it myself. too specialised.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Funded the odd RH which had been purchased by a specialist firm who were contracted to provide such services but as Terry mentioned doing yourself forget it.
Better investments out there.
Richard Taylor | Australia's leading private lender
Be very careful investing in nursing home or retirement village.
Joint venture of FKP and Lend Lease blew up last year and costing $$$$ millionsIt has been said in t he past that with a rapidly growing retired population, who are living longer and have different needs, requirements and wants than traditional retirees, there exists enormous potential for people who are able to think outside of the box in terms of property solutions that cater to this market. While I'm not interested in nursing homes or retirement villages in the conventional sense, surely there are other accomodation types that might suit this growing market. One idea I have is to hand pick a duplex (or maybe 4x2bed or something similar) in the suburb next to the hospital, quiet suburban street, small backyard and shed for each unit, good security, close to amenities, fixtures and fittings to suit aged and disabled people. Taylor make some accomodation for the group of people who are not necessarily ready for the nursing home thing, but no longer want to maintain a full size property. Other like minded tenants / owners in the same complex can only be a good thing for older people. Security is important, especially as a large section of this part of the population travels alot and needs to feel like their home base is safe while they are away. I'm just not sure if I should pick the suburb next to the private hospital or next to the public hospital. Funnily enough the real estate is cheaper near the private hospital. Comments on my idea, and other ideas about how to cater for this market outside of the conventional nursing home / retirement village would be terrific.
SIn NSW there is a special category called SEPP5 Housing for the Disabled or over 55's. There is a whole raft of requirements with regard to building these dwellings however if you find a suitable site you can basically build them anywhere ie does not need to be zoned for medium density.
The downside is that they are more expensive to build and more difficult to sell than other medium density dwellings.
Thanks for that Scott. I'll have to find out if similar legislation applies in QLD ( I can only assume it does). I wonder at what point it become necessary to comply with such legislation? My idea is to provide something that really targets that market and meets their needs, but I may not choose to rent to the over 55's solely. Perhaps I'd like the option of putting someone else in one day. It's just a seedling idea at the moment. I still can't make up my mind which hospital to centre things on.
SI have land in Townsville which is now starting to see the need for such with the number of retirees here. My property is suitable for this kind of investment as it is 5452 sq.m. and handy to CBD. There are many government funded projects such as cheap or free transport for the elderly etc. Contact me on 0747290317 if you are interested in it for a village or motel, service station, units or trucking co. June
I shy away from such developments in the Townsville CBD when the retail heart there is dead, the best shopping is in the suburban shopping centres, and the hospital is a fair hike from the CBD. I'd be more interested if you said Douglas or Aitkenvale.
SA better idea is large multiple bedroom houses for shared accomodation for pensioners that are still independent. I know of one with 8 bedrooms all rented individually to different pensioners at $150 a week per room. Shared bathrooms living room and kitchen.
Something like the student accomodation but wihtout the headaches of students trashing it.Maybe you should look at 1-2 bedroom units/flats, especially newer ones. Do a bit of research and find out which areas have a high concerntration of well-off pensioners and look at modern 1-2 flats..?i
Interview the target group at some location where they clump, and get it from the horse's mouth, or get the stats from someone like famous gun demographer Bernard Salt of KPMG.
We are constsntly told of the large group of baby boomers hitting retirement and what they will want and need.
With such a large well financed group and deteriorating personal security it makes sense to cater for them.
That's thinking well and truly inside the square from where I'm looking, solid strategy, not even close to off the wall.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
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