17 May 2016

Media Release

The first stage of Stockland’s $160 million inner-city retirement development, The Residences, Cardinal Freeman has sold out, highlighting strong demand from the growing number of retirees who want to buy modern, low maintenance, inner city apartments.

Stockland has sold 57 new one, two and three bedroom premium apartments ranging in entry price from $495,000 to $1,260,000.

Stockland is focussed on the emerging trend that is seeing increasing numbers of seniors in capital cities, seeking to enjoy low maintenance living in an inner city vertical village. Stockland will now fast track the release of stage two apartments,which will be available for sale in the coming months. Stockland is inviting prospective customers to apply at: www.retire.com.au/cardinalfreeman

Stockland Group Executive and CEO Retirement Living, Stephen Bull, said the strong housing market had helped boost sales of the development.

“We are not surprised by the demand for The Residences, Cardinal Freeman. The strong residential market has seen many retirees take advantage of the opportunity to sell their family home with greater returns than previously expected, and move to a low-maintenance, high-lifestyle home with world-class community amenity.”

“The location of The Residences, Cardinal Freeman in Ashfield, less than 10 kilometres from the Sydney CBD, near transport, shops and restaurants has been a major selling point for buyers. Many of our new residents have moved from the neighbouring suburbs of Strathfield and Haberfield allowing them to stay close to friends and family. We’re bringing inner city living to retirees who want to be part of a vibrant, thriving community close to everything they know and love.”

The $160 million redevelopment of the 4 hectare site in Ashfield is tracking on schedule, with over 80 residents expected to move in later this month. Stockland has also already delivered a 100 seat indoor and outdoor café, which will open onto an expansive village green and a full restoration of the chapel and Glentworth House.

Upon completion the village will include seven boutique buildings featuring 240 new one, two and three bedroom apartments, each with their own secure underground car parking space and storage facility. The village will also offer state-of-the-art amenity including an on-site clubhouse and Wi-Fi enabled lounge, pool and gym, bar, theatre, billiard room and hairdressing salon.

Stockland also partnered with Opal Aged Care last year to provide a $33 million, state of the art, four storey, 133 bed aged care facility within Cardinal Freeman, offering residents a long-term ‘continuum of care’. We think it’s really important for our residents to be able to stay in the community they love with their friends around as their care needs change. The facility is expected to be open and fully operational by the end of this month.

Stephen Bull continues, “We are proud to be building a retirement village that will not only provide retirees with everything they need now, but will also ensure to meet their changing needs over time.”

“Our customers have worked hard throughout their lives and now is the time for them to really enjoy living. Stockland is focussed on the highest quality design and construction to create this unique vertical village and we cannot wait to showcase the results.”

Stockland owns and operates 70 Retirement Living villages across Australia, representing a total of around 9,800 homes. Its villages are collectively home to approximately 11,000 residents.