Brisbane Lord Mayor Graham Quirk turned the first sod on an innovative $21 million development in Sherwood that will allow Brisbane seniors to enter into retirement living at far below market rates.
In developing the four-storey complex, Affordable housing provider BHC is breaking from traditional seniors living models by giving seniors the option to balance an initial buy-in with ongoing weekly payments.
Lord Mayor Graham Quirk said that in recent years, Brisbane had been falling short of new purpose-built aged care and retirement living, pricing many residents out of their own suburbs and dedicated aged care accommodation.
“Brisbane City Council is introducing incentives for new aged care and retirement living projects to increase the viability of these projects and make accommodation more affordable and available for Brisbane seniors,” Cr Quirk said.
BHC CEO Stuart Lummis said the Arbor Sherwood development would allow seniors in a range of lifestyle and financial situations to afford previously out-of-reach homes near the city.
“The choice to enter retirement living is a positive life-changing, highly personal decision and there’s no one-size-fits-all solution,” Mr Lummis said.
“While some people would like to manage their costs by paying more of the cost upfront and enjoy a lower ongoing costs, others prefer a higher weekly fee and lower entry payment.
“Arbor Sherwood gives seniors the flexibility to balance these decisions to suit their retirement plans.
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