A major capital works program aimed at meeting the lifestyle demands of Baby Boomer retirees is underway across 12 Aveo communities in Victoria, including an $11 million upgrade at Fountain Court retirement community in Melbourne’s east.
A further $7 million is being channelled into upgrading specific residences and recreation spaces at communities across the state as Aveo adapts to evolving health, wellness and design trends for older Australians.
Aveo’s Chief Executive Officer Tony Randello said a landmark study released by the group in March is helping to shape Aveo’s communities of the future.
“Boomers make up 21.5 per cent of Australia’s population and our Ageing Australia Study has solidified our understanding of their preferences for lifestyle and retirement living,” Mr Randello said.
“They belong to a generation that experienced a higher standard of living than their parents and anticipate maintaining this lifestyle. They want it known they have retired from the office, not from life.”
Mr Randello said today’s retirees are also healthier and more lifestyle oriented than previous generations. “They have told us they want more access to entertainment, health and wellness amenities and to meet these expectations, we are investing in a range of upgrades across our Victorian portfolio.”
This has included an extensive refurbishment of a rare penthouse in the sought-after Sackville Grange community in Kew, which is being offered for sale at $2.4 million.
In nearby Hawthorn, a major refurbishment at Aveo’s Lisson Grove community has also been completed, delivering a new cinema, gym, salon, library and community centre for residents.
Work continues to advance on the extensive $11 million upgrade at Fountain Court in Burwood that will deliver a new lifestyle hub complete with a café, private dining space, bar and media room, and a collection of boutique apartments.
Mr Randello said Aveo’s Ageing Australia Study provided insights from more than 1,000 members of the booming “Grey Wave”, born between 1946 and 1965, who represent the largest ever group of Australian retirees.
“The upcoming decade presents a significant opportunity for the retirement living sector. We are positioning our portfolio to fulfill the high expectations of Baby Boomers while playing a vital role in supporting the growing demand for housing across Australia,” he said.
“Research from the Retirement Living Council has found that 75% of Australians over 75 are living in houses too large for their needs.
“At Aveo we are creating environments tailored for retirees to downsize, enjoy a superior quality of life, flourish in lively social communities and feel a genuine sense of belonging as they pursue their passions and interests in retirement.”
About Aveo
As Australia’s leading and most innovative retirement living provider Aveo owns and manages a diverse national portfolio of communities. For over 30 years, Aveo has been dedicated to helping retired Australians be their best selves across every stage of their later life journey. Aveo is committed to delivering the best retirement living options, continually listening and learning about what our customers want so that we can provide and foster communities where you can truly live well.
