The proposed development is located in Bowral, New South Wales, approximately 118km to the southwest of Sydney. Named Waterbrook Bowral, it is near the Bowral and District Hospital and is well connected to major transportation nodes.
The tranquil environment at Bowral together with the iconic nature and vastness of the site provide an opportunity to create a premium retirement village development which the Group believes will be well-received by the growing retiree population in the area. Expected to be completed in 2021, the project is currently in the planning stages.
The Group will be participating through debt financing of A$22 million, for which the specific terms are confidential.
In August 2017, CDL entered into its first collaboration with Waterbrook Lifestyle Resorts to develop Waterbrook Bayview, on the Northern Beaches of Sydney.
For both projects, Waterbrook will provide resort-style facilities and a vast array of services catered to retirees including 24/7 concierge service, a variety of wellness and recreational spaces, chauffeured courtesy vehicles as well as in-house nurses. The product differentiates itself from the traditional retirement village model through its high-end hospitality experience.
The Group is positive on the luxury retirement sector as there is strong unmet demand from a growing demographic of well-heeled retirees who desire to live in upscale communities with a variety of facilities. It intends to collaborate with Waterbrook to set a new benchmark in Australian retirement living and expand the brand throughout Australia and other parts of the world.