DomaCom has started to bookbuild a retirement home in Victoria that will be designed for the gay community, saying the project has already been met with "significant" support.
In a statement, the company said the first turning of soil for Linton Estate began last week on land purchased in Ballan, about 80 kilometres west of Melbourne. Bids for the stage 1 target of $650,000 for land acquisition have already reached 70 per cent.
Stage 2 will raise a further $1.8 million to complete rezoning and civil works, while stage 3 will include the build and development of boutique townhouses. The entire project is expected to be completed in two years at a total cost of $30 million.
The project will provide an opportunity for small investors to participate in the development and potentially receive returns over a period of18 months to two years.
DomaCom chief executive Arthur Naoumidis said: "The Linton Estate project is another example of the versatility of the fractional model we have developed.
"We can and are applying the DomaCom model to a number of vastly different projects, from this one at Ballan to crowdfunding Kidman Station, purchasing student accommodation, car parks, established residential properties and specialist residential and commercial properties."
Peter Dickson, the project's founder, said Linton Estate is a long-term vision of his.
"It is time for the LGBTI community to be recognised, and how appropriate for them to have the first of a kind place for them to spend their twilight years," he said.
"I am very proud of the community and the work being done for Linton Estate, which offers a more flexible model for residential living in retirement than that provided by the Retirement Living Act. It is a retirement village with a twist."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- 18 Aug 2017Banks the key to closing advice gap, Tria saysBy Larissa Waterson
- 18 Aug 2017Adviser ethics certification launchedBy Staff Reporter
- 18 Aug 2017Banks evade FOFA, industry funds claimBy Larissa Waterson
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- view all