This project will be the first new purpose-designed, age-appropriate Retirement Living offering in New Farm for many decades.
Although New Farm has a population of more than 12,500 (2016 census) there are only 14 retirement living dwellings, which were built in 1965.
There is unmet demand for retirement living here and in the inner suburbs. Across the inner city catchment there is unmet demand for over 700 retirement living dwellings.
There is current demand for around 120 retirement living dwellings in New Farm. This number will continue to increase without delivery of new retirement living dwellings.
In the next 10 years, there will be more seniors living in New Farm. By 2029:
65+ population is expected to have grown by 24% (2,700 people)
70+ population is expected to have grown by 26% (1,900 people)
Several hundred senior New Farm residents currently receive care at home for their daily living needs. Our retirement living model includes flexible care support when needed, tailored to the individual health and lifestyle needs of seniors and retirees.
Research demonstrates retirees and seniors want to continue living in their neighbourhood to be close to family and friends. They want to maintain their local networks and continue to enjoy the activities and services with which they are familiar, in a safe and secure community.
Retirement living allows people to remain active, to participate in community life and to remain independent for longer. This can delay the need to access aged care by many years.
Transitioning from home
Many seniors and their families find the transition out of their long term home into more age-appropriate housing to be difficult, emotional and stressful. This lifestyle change is made easier with quality retirement living choice close by. A transition away from family, friends, local clubs and shops can be forced on families if there are no local options.
James Mantis, General Manager, Property Development & Asset Management, Bolton Clarke