About Aveo

We will grow with older Australians by inspiring greater living choices.

Aveo is a leading and trusted owner, operator and manager of retirement communities across Australia. Aveos philosophy
is underpinned by a commitment to grow with older Australians by inspiring greater living choices. We currently do so for
12,000 residents in 75 retirement villages across Australia. Aveo also manages and develops a diversified $700 million
property portfolio. Over 30 years, Aveos portfolio has grown to one that encompasses retirement, residential,
commercial, industrial and mixed-use property assets. Together these communities define how hundreds of thousands of
people in Australia live, work, retire and invest.
aveo.com.au
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20 May 2014
Response to Questions ABC 7.30
Mosman Grove is a retirement village that comprises 37 strata titled serviced apartments. This means that
residents own their apartment outright, like any strata titled apartment building.
Aveo Group is the operator of the village and is responsible for the provision of services to residents and amenity
to the overall village, including domestic assistance; 24 hour personal care, nursing services and alarm
monitoring; three meals a day prepared onsite; maintenance and upkeep of common areas; safety and security
of residents in and around the village; coordination of lifestyle and social engagement activities on a daily basis;
village management and administration.
Aveo Group is not the Strata Manager of Mosman Grove retirement village. This function is performed by a third
party Strata Manager that is appointed by the villages Owners Corporation.
It is always a sensitive time for families and estates when retirement apartments like those at Mosman Grove
need to be put on the market. As the operator of retirement villages all around Australia, we are absolutely
committed to working responsibly and sensitively with families and estates through this process.
Being strata titled serviced apartments with a service agreement in place with Aveo, financial responsibilities are
shared between the outgoing owner and operator once an apartment is permanently vacated for more than 42
days. This is in line with the Retirement Villages Act 1999. That is, after 42 days, recurrent charges paid to the
operator are reduced by 50%. This ensures services and amenity is maintained at the village while a sale
campaign is normally underway for the apartment.
Unfortunately, Aveo has no control over the strata contribution. The Administration Fund and Sinking Fund
levies are determined on an annual basis by the Owners Corporation and are required to be paid in full under
the NSW Strata Schemes Management Act 1996, regardless of occupancy of the apartment.
Also, families and estates are entirely at liberty to choose their preferred sales agent when an apartment is being
sold, there is no obligation to engage Aveo for this function. That said, we are engaged as an agent for many
departing residents, families and estates at our villages around the country. Like any strata titled property,
families and estates are in control of price and presentation when an apartment is on the market.
As with all the villages where we act as an agent, if there are problems or issues that reduce our ability to secure
a sale, we aim to work closely with families and estates to find a solution and rectify the problems.
With regards to Mosman Grove, recent sales have been entirely consistent with average annual turnover. This
year there have been four settled sales with another sale under contract at Mosman Grove, representing 13.5%
of total stock in the village. On average, 10-11% of apartments would turnover each year at the village. Of the
ten apartments currently listed with Aveo at Mosman Grove, six were listed in 2013, two in 2011 and one in
2010.
We have and will continue to make every effort to promote Mosman Grove Serviced Apartments in order to sell
those apartments that are currently vacant.
END:
Alison Quinn, Executive General Manager T +61 7 3223 3888 | E alison.quinn@aveo.com.au