The new owners of Grande Pacific, Australia’s first five-star vertical retirement village, are planning a multimillion-dollar capital investment program to restore the 25-storey complex to its luxury status.
Grande Pacific on Marine Parade on the Gold Coast was acquired by Freedom aged-care-industry operator Patrick Smith and Kris Ivey from the receivers, PPB Advisory, for around $24 million.
Originally costing $70 million in 2008, Grande Pacific was the prototype of an intended chain of retirement complexes by City Pacific, developer David Cherry and a company linked to a Maori trust. The complex went into receivership in 2009.
“It is a magnificent building with stunning Broadwater views; what appealed to us is it is a completely integrated community and we want it to feel like a beached cruise ship,” Mr Smith said.
Facilities include a gym, games room, library, heated pool and spa, barbecues and outdoor dining, restaurant, lounge and bar, theatre, hair salon and doctors’ clinic.
There are plans to improve the entry and foyer, expand restaurant seating from 20 to 60, add a bowls green and botanical gardens, and upgrade outdoor areas.