Mirvac meets growing baby boomer downsizer demand in Sydney’s East
The ASX-listed group Mirvac together with Easts Group will fill the gap in the downsizer market, with the topping out recently of their near $164 million over–55’s development.
The Langlee will be lifestyle focussed and amenity-rich, with the lucrative benefit of welcoming its first residents in 2023.
The project marks a return to the eastern suburbs for Mirvac, following the successful completion of The Moreton in Bondi in 2017, at a time where up to one in 10 baby boomers are opting to downsize, freeing up the family home to allow the next generation of families to move in.
The ‘right-sizer’ movement, enhanced further by the Federal Government’s Downsizer Scheme, promotes housing efficiency in a supply-constrained market.
Render of the Mirvac over-55's development, The Langlee
Mirvac’s Head of Residential, Stuart Penklisa said the partnership with Easts Group will deliver an amenity-rich lifestyle for the right-sizer, offering the best of both convenience and comfort.
“On top of that, we wanted to create a new benchmark of exceptional quality that would live up to Mirvac’s reputation of quality and discerning attention to every detail,” Penklis said.
“We know that Australia’s ageing population is on the rise. In fact, those aged 65 and above will double to one in every four people by 2042, and along with it the trend to downsize will gain further momentum. But The Langlee offers prospective purchasers an attractive downsizing option with a difference.”
“The idea of an over 55`s residence has significant value to the wider community and allows for the natural transition of the housing continuum by allowing downsizers to reside and enjoy a maintenance free environment with state-of-the-art facilities, and in turn on-sell their larger family home to the next generation of families, prompting much needed housing to the market,” he added.
Designed by Altis Architecture, in conjunction with Mirvac’s design team, the rare one-hectare site will feature 55 premium residences, in addition to a suite of lifestyle-focussed amenities, including a 20-metre indoor lap pool, treatment and steam rooms, a mezzanine level gym and space for pilates, yoga and stretching classes.
Render of the pool area within The Langlee
An indoor/outdoor casual and contemporary café, restaurant and bar will also be situated on the ground floor, fronted by two bowling greens.
An added feature will be a personalised well-being concierge service delivered by Zinnia Living to benefit residents whilst moving in, making it easier to transition seamlessly into a lifestyle of relaxed luxury.
Penklis said that The Langlee meets the increasing needs of a growing consumer group in an area of limited supply and addresses the unmistakable trend towards living environments which include a high level of amenity that deliver health and social benefits.
Along with lifestyle features and amenities, Mirvac has worked to lighten The Langlee’s environmental footprint through sustainable building practices and cost saving benefits for residents. The Langlee maximises available roof space to house solar panels, with a 92-kW system to be installed which will significantly offset the running costs of the common area facilities, reducing ongoing energy costs to our residents.
Electric Vehicle (EV) charging to each and every residential car space has also been provisioned, along with water and energy efficient appliances, and with more and more people choosing electric vehicles and a more sustainable way of life, the building is future proofed for this important transition.
Render inside one of The Langlee residences
“Not only are purchasers focusing on lifestyle features, but they are increasingly making decisions based on environmental factors to ensure we leave the planet a better place than we received it. At The Langlee, and across our business, we are committed to continually doing our part,” said Penklis.
Easts Group CEO Joe Kelly said that meeting the wider needs of the community, particularly in the Eastern Suburbs where the population aged 55-79 has grown by 8.3 percent (or >4,250 people) since the last Census in 2016, was a fitting repurpose for the former Club.
“The Langlee and our new hospitality venue known as Waverley Greens, presents a unique opportunity to create an exceptional new community precinct,” said Kelly.
“Through our partnership with Mirvac, the Club is looking forward to providing the Eastern Suburbs with a first-class sporting, social and community asset, that along with the residential offering, will set a new benchmark in leisure, comfort and amenity in a landmark location close to Sydney’s most renowned beaches. There is no one better placed to deliver on that than Mirvac, a reputable company known for quality, and with 50 years of proven delivery success.”
The Langlee is consistent with Mirvac’s strategy to extend their pipeline with projects that Penklis says delivers the right product in the right location, at the right price, and with the right partners.
“Mirvac’s fully integrated model means we are designing and constructing the development which enables the confidence in dealing with one party. We are also highly selective in the partners we choose to work with. As a result, we are one of the few development companies in Australia with the capacity to see new projects get off the ground and completed in a timely manner, knowing that our reputation for quality will stand up well in any market,” Penklis concluded.
Render of the bowling greens that will front The Langlee
