The outskirts of Maitland continues to grow as more developers get the tick of approval, with a strong demand for housing for the over 50s.
A 160 manufactured home estate in Rutherford – worth more than $13 million – has recently been given the go ahead by Maitland Council.Heading up the development, small local start up company Principle Living is focusing on a market which has been “overlooked for years”.
“There is a big gap between when people retire and when people need to go into a nursing home,” Manager of Development and Strategy Murray Blackburn-Smith said.
“People want to downsize their land and downsize or outsource maintenance requirement, but still live in a reasonable sized and designed dwelling, surrounded by facilities that meet their needs.
“For that gap when they retire at 60 and when they need a nursing home at 75, there’s that 15 years they are looking for something that’s a bit different to that large suburban home where they have to spend the weekends mowing grass.”
On Grand Parade, the development known as ‘Stonybrook Village’ will comprise of a community centre, pool, tennis court, sports pavilion, bowling green, community garden and men’s shed. It will be constructed over 11 stages.
It will provide an independent living retirement village that will operate on a similar basis to a retirement village.
For those buying in, they will own the house but Principle Living will own the land on a ‘land lease model’. which can be beneficial as a tax advantage.
“We want to keep people entertained, we want to keep them busy and entertained,” Mr Blackburn-Smith said.
“We offer lots of activities including yoga and pilates rooms. We’ve got bocce courts, tennis courts, bowling greens, a lot of walking trails that connect in that area and outside.
“One of partners developed the rest of the subdivision there at Heritage Parc, the McCloy Group, who are one third owners of Principle living so integrating with them in terms of their long term aspirations for the area.
“We’re very big on sculpture and public art, it’s quite spaced out, the density is quite low compared to most manufactured housing estates.”
It’s not the only development on the agenda, Principle Living also selling seniors housing in Medowie.
“It is predominantly local people who are buying, big need for that type of housing in the area,” Mr Blackburn-Smith added.
“When we switch across to the manufactured home estate spaces, people that are moving to that area are probably equal of locals and people moving out of Western Sydney.”
There’s also a development application before Cessnock Council for a 301 manufactured home estate at Cessnock Golf Club, which would roll out over the next decade.
It’s estimated to be worth about $20 million.
“We’ll be keeping a number of golf holes but also developing on the site,” he said.
As well a signed agreement with Newcastle golf club to develop 180 retirement living homes on a 150 year lease.
Daily Telegraph 19 May 2021| Amy Ziniak