Aspen to expand Hindmarsh Island retirement village after buying land from aged care magnate

Aspen will apply to expand a retirement village on Hindmarsh island after buying a parcel of land from aged care magnate Viv Padman.

Aspen is looking to expand its Alexandrina Cove Retirement Village.

Aspen will seek approval to build another 25-30 houses at its Alexandrina Cove Retirement Village after acquiring a parcel of land from South Australian retirement village magnate Viv Padman.

The ASX-listed company said it would pay Mr Padman with 521,000 Aspen stapled securities worth $1.28mf ro one hectare of land adjacent to its existing retirement village.

“Aspen intends to seek approval to use the land to expand Alexandrina Cove Retirement Village by an additional 25-30 lifestyle houses,’’ the company said.

“If approved, the consideration would equate to $43,000-51,000 per approved site.’’

Alexandrina Cove is an over-50s lifestyle village, with residents buying their home while Aspen retains ownership of the land.

Alexandrina Cove is part of the Aspen Coorong Quays Estate and Marina on Hindmarsh Island, and includes a community hub, with a media room, tennis facilities, a three hole putting green and transport for residents to and from local amenities.

Viv Padman, who has developed several aged care projects across SA, sold the land to Aspen.

Aspen has a significant portfolio in South Australian, spanning 119ha across the metropolitan area and the regions, with an approved pipeline of 681 sites across five active projects.

Earlier this month the company lodged plans for a $70m housing development fronting Linear Park at Hackney, on the current Adelaide Caravan Park site.

At that site, Aspen aims to build 78 fully furnished “build to rent” studio and one-bedroom apartments, which will be offered at affordable rents under the company’s CoVE brand, as part of a six-storey building to be constructed on Richmond St.

A separate, premium residential subdivision will be comprised of 46 townhouses including 12 riverfront dwellings and 12 facing the adjoining Twelftree Reserve to the north.

The build-to-rent apartments will be offered for short- and long-term rental, Aspen said, with CoVE offering rents below the median market rent.

Aspen’s build-to-rent proposal for the Adelaide Caravan Park site. Picture: Forum

A cafe, gym and co-working space will also be incorporated into that part of the development. The overall masterplan will include a new, publicly-accessible path network, which will complete a missing link along the River Torrens Linear Park in that area.

Aspen said two heritage buildings on Richmond St would be integrated into the development and there would be off-street parking for the CoVE development and the river-facing cafe, as well as an improved interface with the park and river for public use.

The plans for the new development were lodged recently with Norwood, Payneham and St Peters Council.

The company expects to start construction about 12 months after approvals are granted.

SA projects account for 59 per cent of Aspen’s approved development pipeline and made up half of its development profit in the 2023-24 financial year.