Another big investment

Wollongong may be bucking the trend in aged care and retirement living with it’s strong pipeline of new developments. IRT announced its latest $25m project yesterday, with thanks to the Government’s aged care reforms.

Above:  Aerial view of the site for the new 100 bed aged care centre at Tarrawanna (grassy block)

The IRT Group declared yesterday that it would invest more than $25 million on a 100-bed aged care centre in the northern Wollongong suburb of Tarrawanna.

IRT Chief Executive, Nieves Murray, said the two-level 8000 square metre project, providing much-needed dementia specific care, as well as individual care suites and staff training facilities, would be built right where there is a growing customer demand for aged care services. 

“In the Wollongong Local Government Area we will see a 72 per cent increase in people over the age of 65 in the next 25 years alone – and the Australian Government predicts a doubling in the number of dementia sufferers over the same period,” said Ms Murray.

“By 2047, there will be a four-fold increase in the number of people aged over 85. That will mean a lot of pressure is placed on aged care resources as well as dementia specific care. We need new infrastructure and this investment demonstrates a commitment to meet the requirements of an ageing population and a commitment to the people of the Illawarra.”

Ms Murray said the improved capital arrangements brought about by the federal government’s Living Longer. Living Better aged care reform package have enabled IRT to invest funds into the construction of aged care centres.

“The previous system of accommodation bonds lead to little investment being made over the past decade in the development of new high-level aged care accommodation across the industry, however, the changes that will be introduced in 2014 will allow for a more equitable and viable capital funding structure,” Ms Murray said.

“Although the government’s reforms have recently been criticised for reducing direct care funding, there are some longer term improvements that the reform package will deliver over the coming decade that should see more capital investment in aged care,” Ms Murray said.

The IRT Group has appointed SDH and Associates as project managers and, after a review of tender documents, will be issuing invitations to tender in October. Building on the site is expected to start in early 2013 with residents and staff taking possession of the premises in mid 2014. Thirty per cent of the beds would be reserved for those who are financially disadvantaged.

“We aim to be ready to take residents by mid 2014, which is great timing with most of the major reforms commencing on 1 July.”

Above: architect’s graphic depicting the new centre

Tags: irt, new-development, nieves-murray, sdh-and-associates,

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