Retirement site may not be sold

The company responsible for managing the sale of units for a proposed seniors living development in Umina may refinance the development to avoid a mortgagee sale.

The property known as Everglades Retirement Gardens is currently for sale with "mortgagee in possession".

Leasurement Pty Ltd which manages the property has told Peninsula News that it "is in the final stages of due diligence and negotiation with another lender".

Leasurement operations manager Mr Heath Anderson said: "We are working very closely with the existing lender to replace them with a larger financier who is going to provide funds for construction.

"Upon completion of this due diligence, the existing lender on the property will be refinanced.

"On this basis, the land will not be sold."

He said Leasurement and the current owner of the land, Marq Seniors Living Pty Ltd, were related companies in that they had directors and owners in common.

While confident the negotiations would succeed, Leasurement operations manager Mr Heath Anderson said that, in any case, the development would proceed.

"The current DA requires a retirement village with community facilities to be built on the site."

He has reassured deposit holders and potential investors their money is safe.

The company had secured 16 deposits of $1000.

"The deposits are fully refundable and are held in an audited trust account," Mr Anderson said.

"The deposit holders and people who have attended free information days or enquired directly about Everglades Retirement Gardens have been kept informed on the status of the village."

Mr Anderson said Leasurement was passionate about seniors living and working closely with its local community on the Peninsula and the broader Central Coast.

He said the seniors living village would provide a number of benefits including jobs created during construction work on the Everglades Retirement Gardens site with flow-on benefits for the Peninsula community.

"In addition, full-time jobs will be created when the village is complete," Mr Anderson said.

"Leasurement will provide much-needed housing for the seniors community.

"This has been confirmed with the level of deposits and enquiry we have received since November last year.

"The village has attracted residents and enquiry from outside the Central Coast region.

"This will generate positive benefits for the local community."

Email, 3 Jun 2010 Heath Anderson, Leasurement