Work to start on $125m Australian Unity aged care tower

The $125 million 15-storey development from Australian Unity is the second stage in its mixed-use seniors community opposite Albert Park Lake and will include 84 residential aged-care places and 71 assisted living apartments.

The new aged care tower is being built on the site of Australian Unity's former headquarters and next to Australian Unity's 18-storey vertical retirement village The Grace Albert Park Lake.

Australian Unity has teamed up with private wealth management group Ord Minnett (Ords) to fund the development, which will form part of an integrated wellbeing precinct with rooftop private dining and a wellness centre.

Australian Unity's general manager of social infrastructure, Ryan Banting, said the demographic drivers for high-quality seniors accommodation, including assisted living apartments and specialist aged care, are clear.

"This precinct will enable people to access a continuum of home and health care options to meet their changing needs," Mr Banting said.

"Despite the ongoing social and economic uncertainty stemming from the pandemic, coupled with regulatory change that will likely flow from the Aged Care Royal Commission's recommendations, there is a growing understanding that we need to find new ways to invest in high quality accommodation and services for those in our community aged 80 and over."

Mr Banting said while COVID-19 has increased demand for services delivered in the homes of older Australians, high-quality seniors accommodation remains a more attractive and affordable option for residents who are seeking companionship, round-the-clock care and peace of mind.

The new development is scheduled to be finished by the end of next year.

Meanwhile on the NSW Central Coast, the region's first luxury vertical retirement village has been officially opened.

The first stage of the $46 million RetireAustralia apartment project, The Rise at Wood Glen, features 24 residences with balconies opening up to valley views.

The first residents have already started moving in, with construction on the next stage expected to start later this year.

The Rise is situated just over an hour's drive from Sydney, making it an appealing option for retirees who want to enjoy a premier lifestyle in a coastal location while still being close to an international city.

Residents will enjoy access to Wood Glen's wide range of community facilities, including a resort-style lodge and bar, auditorium, hairdressing salon, library, pool, spa, gymnasium, outdoor entertainment areas and bowls green.