New owners for retirement village

A retirement village at Daleys Point has been purchased, together with a village at Wamberal, for more than $13 million.

"The Cove is truly a fantastic location and is unique," said Mr Simon Owen, CEO of purchaser Aevum Ltd.

"There are few retirement villages that offer beautiful water views and private jetty access."

The Cove retirement village has 104 villas and the company was looking to expand the village by 40 villas within the next few months, Mr Owen said.

"The Cove has fantastic development opportunities.

"The current facilities and villas are looking a bit run down and we are hoping to modernise and expand the village to suit residents' needs."

Aevum has purchased 18 retirement villages nationally since January 2005.

The two new acquisitions in Daleys Point and Wamberal take its national portfolio to 21 villages.

Six are on the mid-north coast and now three on the Central Coast.

Press release, 30 Apr 2008 Claire Galea, Westbrook Communications Clare Graham, 9 May 2008 Interviewee: Simon Owen, Aevum Limited