Exploring five-star retirement in Oz

Exploring five-star retirement
Maurice Dunlevy
April 12, 2007

MELBOURNE-based developer Richard Buxton is exploring new markets for his Rylands-branded five-star retirement accommodation business.
Recently returned from an around Australia sailing adventure in which he was caught in the tail end of Cyclone Larry and was chased by crocodiles in the Kimberleys, Mr Buxton has plans for retirement apartments in all capital city markets as well as the Gold Coast.
"We already have our eyes on two facilities in Brisbane, but Adelaide, Perth, Sydney and the Gold Coast are part of our plans," said the adventurer, who in 2003 also piloted his own aircraft around Australia.

With two Rylands facilities opened and a third under way, Mr Buxton said there was scope for at least 15 luxury independent living style apartment complexes to be built around Australia, possibly in joint venture arrangements.

He said Rylands wanted to be a leader in this burgeoning sector of the property market.

The brother of Michael and Andrew Buxton, who control Melbourne's MAB Corp, Richard Buxton established the Buxton Group construction and development business in the 1960s.

Its developments have been across all sectors and have included the $23 million conversion of Portsea's famous Delgany hotel to luxury apartments.

Its Rylands projects have included 68 luxury apartments in a $25 million retirement development at well-to-do Kew and a $15 million project at bayside Brighton.

Currently looking at two other Melbourne sites, the Buxton Group has already started a $27 million Rylands of Hawthorn project on Riversdale Road.

With an average age of 75 for residents at its recently completed Rylands of Kew project, the Buxton Group targets well-off retirees, most of whom have come from the professions.

They pay from the high $500,000s to $1.4 million for strata-titled apartments ranging in size from more than 80 to 120sqm.

While residents own their apartments, Rylands manages common areas that include dining rooms and kitchens.

The latest Kew facility has been built around a Victorian Italianate mansion and includes a restaurant with its own celebrity chief, David Clouston.

Part of a Melbourne property dynasty spanning 150 years, Richard Buxton entered the retirement business after seeking residential care for his 93-year-old father, Dick Buxton, the son of Buxton real estate founder J.R. Buxton.

"Disappointed" with what he saw, Richard Buxton decided to create his own luxury accommodation retirement concept. He and daughter Samantha extensively researched state-of-the-art facilities in the US and Holland before building their first facility in Brighton in 2004, where Dick Buxton is a resident.