DomaCom has begun to bookbuild Linton Estate in Victoria, a retirement home designed for the LGBTI community, with the development for the estate commencing yesterday.
The project has already seen significant support, said DomaCom, with bids reaching 70 per cent of the target for the stage 1 land acquisition of $650,000.
Stage 2 will raise a further $1.8 million to complete rezoning and civil works, the company added, and stage 3 will raise funds to build and develop the boutique townhouses.
The entire project is expected to be finished in two years at a total cost of more than $30 million.
DomaCom said the estate is expected to start generating returns for investors after 18 months to two years as the properties are brought to completion.
Project founder Peter Dickson said the project has long been a vision of his and said it is time to recognise the LGBTI community and how important it is they have an appropriate place to spend their twilight years.
“I am very proud of the community and the work being done for Linton Estate, which offers a more flexible model for residential living in retirement than that provided by the Retirement Living Act. It is a retirement village with a twist,” he said.