JLL, acting under instructions from the executors of a deceased estate, is instructed to offer for sale the Australian industry award winning multi stage retirement village known as Ashford Apartments, located immediately adjacent Ashford Hospital between the Adelaide CBD and Glenelg on Anzac Highway in South Australia.

The property was awarded the national 2008 Master Builders Association Building Excellence Award Lifestyle Housing Award for Seniors. The improvements are built to exacting standards with each apartment including a balcony or courtyard enjoying either an external street aspect or to an internal central courtyard.

The property and assets of the retirement village include a multi stage residential housing community, registered under the Retirement Villages Act, located on a spectacular island site in Ashford, just three kilometres south west of the Adelaide CBD.

Designed in six stages with plans developed for approximately 186 independent living apartments the first three stages are completed offering a total of 96 apartments in various configurations of two and three bedrooms. The balance of the existing improvements comprise high quality community and staff facilities.

Additional land, master planned to provide scope for three additional towers, comprises the balance of the site, partially developed with a free standing office warehouse currently generating holding income under a third party commercial lease agreement.

Residents occupy the individual apartment accommodation by way of a loan licence agreement which typically provides the property owner with either a 20% or 25% maximum deferred management fee generally reached on a staged basis after 36 months.

Ashbrook Apartments Retirement Village provides astute purchasers with either an entrance into the South Australian retirement village market, or a significant addition to an existing portfolio of villages.

Key features for consideration:

• National Industry Award winning development
• Large site of over 1.1311ha (approx.)
• Significant further development potential
• Quality build with 96 apartments
• Recurring income stream from “mature” deferred management fees
• Growth “industry” with an increasing number of retirees
• Established Adelaide inner metropolitan location close to shops and services
• High profile location
• Adjacent Ashford Private Hospital

Comprehensive due diligence information is available to pre qualified parties following execution of confidentiality undertaking.

For Sale by Expressions of Interest Closing 5pm Tuesday 16 December 2014

RLA 1842