15/02/2000

The Essendon Hospital has been sold to one of Australia's leading providers of purpose built retirement accommodation, Retirement Services Australia, who have announced a $40 million redevelopment plan for the building which will include the retaining of a range of community health services.

The sale brings Retirement Services Australia 's involvement in new projects in Melbourne to $150 million in the past 12 months.

Mr Clinton Casey, Managing Director of Retirement Services Australia said, "We believe the development concept created by Retirement Services Australia for the Essendon Hospital will set a benchmark for the future where private redevelopment of former public assets retains existing public services and utilises the existing infrastructure already paid for by the community."

“The redevelopment will also include the provision of urgently needed retirement accommodation in the area as well as a range of community medical services on two floors of the hospital.”

Mr Casey said, "Retirement Services Australia had met with local residents, Moonee Valley City Council and doctors in the area before tendering to discuss how the community's needs would be blended into the redevelopment program."

We believed it was important for this project because of the long history and involvement with the local community that there was a provision to maintain the Medical services, he said.

"As well as serving the general community, the medical services will also provide important services on site to residents in retirement accommodation."

Mr Casey praised the involvement of the community, Local Member Judy Maddigan who facilitated community discussion, local doctors and the Moonee Valley City Council Mayor, Cr. Don Cornish, for their positive involvement in developing the concept for the redevelopment.

"This is a link with the local community we intend to maintain," he said.

"Our partners which includes JGL Investments and the Santini Medical Group, provides the expertise and capacity in property development and Medical Services in a successful outcome for the community."

"The redevelopment of Essendon Hospital is expected to begin within the next six months and the $40 million project is expected to take 24 months to complete."

Retirement Services Australia, the leading supplier of purpose built retirement serviced apartment facilities, has properties located at Hawthorn, Balwyn, Box Hill, Bentleigh, Templestowe and Northcote. New properties are planned or under construction in Bayside Brighton, Hampton Pascoe Vale, Balwyn, Bentleigh, Sandringham, Toorak and Prahran.

Mr Casey said, "the company is also assessing a number of sites in New South Wales and Queensland suitable for the development of the five star retirement accommodation.

Retirement Services Australia has strategically chosen locations for residential developments where there are ageing populations such as in the Cities of Boroondara, Whitehorse, Bayside, Darebin, Moreland and Moonee Valley and a strong need for further purpose built residential facilities to cope with the demand.

Mr Casey said, "the ‘Essendon’ site, like other Retirement Services Australia properties, will have an extensive range of medical and support services with twenty four hour personal assistance."

Media Enquiries:
Ron Smith
Corporate Media Communications
Retirement Services Australia (03) 98185700
Mobile 0417 329201