WAVERLEY GREENS TOPPING OUT CEREMONY
MIRVAC MEETS GROWING BABY BOOMER DOWNSIZER DEMAND IN SYDNEY’S EAST
Mirvac Group (ASX:MGR) together with the Easts Group today marked a significant milestone at The Langlee, a lifestyle-focused, amenity-rich development for those aged over-55, set to welcome its first residents in 2023. The project, with an estimated completion value of ~$164m, marks Mirvac’s return to Sydney’s eastern suburbs, following the successful completion of The Moreton in Bondi in 2017.
The Langlee comes at a time when up to one in 10 baby boomers are opting to downsize, freeing up the family home to allow the next generation of families to move in. The ‘right sizer’ movement, enhanced further by the Federal Government’s Downsizer Scheme, promotes housing efficiency in a supply-constrained market.
Mirvac Head of Residential, Stuart Penklis, said Mirvac’s partnership with Easts has focused on delivering a project that fits with the right-sizer movement being seen in this highly sought-after location.
“Mirvac has a long history of working in partnership with entities such as Easts to unlock and transform sites such as these in inner Sydney, to deliver precincts of exceptional quality that residents and importantly the local community can enjoy.
“We know that Australia’s ageing population is on the rise. In fact, those aged 65 and above will double to one in every four people by 2042, and along with it the trend to downsize will gain further momentum. But The Langlee offers prospective purchasers an attractive downsizing option with a difference,” said Mr Penklis.
“The idea of an over 55`s residence has significant value to the wider community and allows for the natural transition of the housing continuum by allowing downsizers to reside and enjoy a maintenance free environment with state-of-the-art facilities, and in turn on-sell their larger family home to the next generation of families, prompting much needed housing to the market.
“When we entered into an agreement with Easts, we wanted to create an amenity-rich lifestyle for the right-sizer that offered the best blend of both convenience and comfort to live well. On top of that, we wanted to create a new benchmark of exceptional quality that would live up to Mirvac’s reputation of quality and discerning attention to every detail.
The Langlee is consistent with Mirvac’s strategy to extend our pipeline with projects that can deliver the right product in the right location at the right price and with the right partners.
“Mirvac’s fully integrated model means we are designing and constructing the development which enables the confidence in dealing with one party. We are also highly selective in the partners we choose to work with. As a result, we are one of the few development companies in Australia with the capacity to see new projects get off the ground and completed in a timely manner, knowing that our reputation for quality will stand up well in any market,” said Mr Penklis.
Stuart Penklis joined Easts Group CEO, Joe Kelly, to celebrate the milestone marking the ‘topping out’ of the highest point of the structure on the tallest building.
Easts Group CEO Joe Kelly said that meeting the wider needs of the community, particularly in the Eastern Suburbs where the population aged 55-79 has grown by 8.3 percent (or >4,250 people[i]) since the last Census in 2016, was a fitting repurpose for the former Club.
“The Langlee and our new hospitality venue known as Waverley Greens, presents a unique opportunity to create an exceptional new community precinct,” said Mr Kelly.
“Through our partnership with Mirvac, the Club is looking forward to providing the Eastern Suburbs with a first-class sporting, social and community asset, that along with the residential offering, will set a new benchmark in leisure, comfort and amenity in a landmark location close to Sydney’s most renowned beaches. There is no one better placed to deliver on that than Mirvac, a reputable company known for quality, and with 50 years of proven delivery success.”
“Mirvac has consistently delivered high calibre projects in the Eastern Suburbs and they have done a great job at meeting the needs of the demographic with the amenities on offer. We are proud to be partners in this unique urban oasis for the over 55s, which will become home to many coinciding with the Club’s 130th anniversary,” said Mr Kelly.
The rare one- hectare site will feature an indoor/outdoor casual and contemporary café, restaurant and bar situated on the ground floor, fronted by two bowling greens, as well as 55 premium residences, a 20 metre indoor lap pool, treatment and steam rooms, a mezzanine level gym and space for pilates, yoga and stretching classes.
An added feature will be a personalised well-being concierge service delivered by Zinnia Living to benefit residents whilst moving in, making it easier to transition seamlessly into a lifestyle of relaxed luxury.
Stuart Penklis said that The Langlee meets the increasing needs of a growing consumer group in an area of limited supply and addresses the unmistakable trend towards living environments which include a high level of amenity that deliver health and social benefits.
Along with lifestyle features and amenities, Mirvac has worked to lighten The Langlee’s environmental footprint through sustainable building practices and cost saving benefits for residents. The Langlee maximises available roof space to house solar panels, with a 92-kW system to be installed which will significantly offset the running costs of the common area facilities, reducing ongoing energy costs to our residents.
Electric Vehicle (EV) charging to each and every residential car space has also been provisioned, and with more and more people choosing electric vehicles, the building is future proofed for this important transition.
Water and energy efficient appliances will also be installed.
“Not only are purchasers focusing on lifestyle features, but they are increasingly making decisions based on environmental factors to ensure we leave the planet a better place than we received it. At The Langlee, and across our business, we are committed to continually doing our part,” said Mr Penklis.
The Langlee has been designed by Altis Architecture in conjunction with Mirvac Design.
 15 per cent of older Australians expect to downsize to a more suitable dwelling or age-specific housing., as reported in the Housing Decisions of Older Australians, Productivity Commission Research Paper. 2015.
The Downsizer scheme permits people aged 60 years to make downsizer contributions of up to $300,000 per person ($600,000 per couple) from the sale proceeds of their home into their superannuation. And while not yet law, during the 2022 Federal election, the Government announced it would support a further reduction to the downsizer eligibility age to 55 years, with the bill now sitting before the Senate.
[i] Represents an average annual rate of change (or CAGR) of 1.6 percent per year, for people aged 55-79 – a fast growth rate for a very established part of Sydney.