Glenside apartments offered exclusively to over-55s

Dinner bookings, grocery shopping and dog walking will all be taken care of in a new over-55s apartment complex described as a first for the SA market.

An apartment project at Glenside is being offered exclusively to over-55s in what’s being described as a first for the South Australian market.

The “community apartment project” (CAP) has been designed to look and act like a retirement village - featuring a range of shared amenities and services for residents - but is targeted at a younger market.

And by sitting outside the Retirement Villages legislation, buyers are able to acquire a 100 per cent interest in their apartment, meaning all capital growth is retained by the owner.

Known as Bloom, the Glenside project is also the first CAP for Glenside developer Cedar Woods, which is looking to roll out similar projects across the country.

Designed by Hames Sharley, the eight-storey building will offer 63 one, two and three- bedroom apartments, penthouses, sub-penthouses and terraces.

Artist’s impression of Bloom apartments at Glenside. Picture: Hames Sharley

A resort-style swimming pool, pavilion, wine storage area, library and elevated community garden will all feature, and residents will also have access to “lifestyle concierge services” for the coordination of shopping, restaurant bookings, social gatherings, arts and event bookings, cleaning, pet care and vehicle care and maintenance.

Pricing of the apartments is yet to be decided, but the project has been described as a “prestige” offering.

Cedar Woods SA development director Mark Pivovaroff said Bloom would be a “game-changer for the Boomers of South Australia”.

“We’re delighted that Glenside will be home to South Australia’s first community apartment project, with 100 per cent ownership and the first project of its kind for Cedar Woods, with plans to roll out more in other states,” he said.

“Future residents will not only enjoy luxury apartment living but first-class lifestyle facilities, which can be shared with their visitors and guests.

Bloom will offer a range of concierge services. Picture: Hames Sharley

“Bloom residents will add to the growing community at Glenside, which is now home to more than 750 residents, from first home buyers through to empty nesters.”

The traditional retirement village market is currently undergoing a shake-up in Australia, as developers pursue alternative business models aimed at maximising tax and other financial benefits to residents.

New accommodation models are often targeting downsizers earlier in life, and include land lease communities, which enable buyers to acquire the built structure while leasing the land under a long-term lease, build-to-rent projects and CAPs.

Developers including Platino Properties, Frasers Property and Traders In Purple are all embarking on CAPs on the eastern seaboard, but Bloom is understood to be the first of its kind in South Australia.

The 16ha Glenside development was launched by Cedar Woods in 2018, and currently features more than 180 completed townhouses, and two apartment buildings with a third under construction.

A childcare centre recently opened in the restored Occupational Therapy Centre heritage building.

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