Odyssey plans fourth high-rise retirement village at Cru Collective's $2b Burleigh precinct

While the price paid for the 3,600sqm site has not been disclosed, Odyssey, which is founded and led by Phil Usher, is currently laying plans for its fourth retirement community on the Gold Coast since 2020.

The site sits within a 5.6ha site acquired by Cru Collective in partnership with ASX-listed venture capitalist CVC Ltd (ASX: CVC) for $45 million in 2022.

Cru Collective acquired the long-vacant Southport-Burleigh Road site, which fronts Lake Orr and overlooks Bond University, with an existing approved masterplan that allows for buildings of up to 45 metres.

Cru Collective, which until now has undertaken a string of boutique residential development on the southern Gold Coast, is gearing up to develop the site into a major mixed-use precinct with Odyssey the first developer to kick off the master plan.

For Odyssey, its slice of Burleigh Waters adds to a growing list of retirement communities on the Gold Coast either completed or under way that are likely to total about $500 million when completed.

Odyssey kicked off in 2020 with the $81 million Odyssey Robina, a three-tower project aimed at providing premium resident amenities including a concierge service and 24/7 onsite care team.

The company followed this up with its second vertical retirement village, a $127 million vertical retirement village over 19 storeys, which is currently under construction at Chevron Island and scheduled for completion next year

Usher revealed in March this year that he had acquired a third site, a 4639sqm vacant holding at Marina Quays Boulevard on Hope Island, for another development which will comprise two towers over 14 levels.

The retirement industry veteran has yet to reveal his plans for the Burleigh Waters site.

“We are currently in talks with architects on how many levels and apartments will be viable, but this community will include a combination of one, two, and three-bedroom apartments with additional penthouse options available,” he says.

Usher, who has been reshaping the concept of retirement villages by infusing Odyssey projects with the type of residents’ amenities typically found in luxury apartment developments, says the new site represents more than just an acquisition of land.

“It’s about creating vibrant communities where seniors can thrive, connect and celebrate life,” he says.

“We have set a high standard in the industry with our consumer led model and Odyssey’s expansion into Burleigh Waters enables us another opportunity to continue our vision of creating world-class communities that will reshape the aged care industry.

“This is the ideal blend of retirement and aged care, with no waiting lists and you don’t need to move again as all the services, such as care, are delivered to you as needed into your home from our dedicated on-site team.

“You don’t need to be frail to live with us and if you own your home now, affordability to live with us should not be an issue.”

Usher says the Burleigh Waters project will deliver on Odyssey’s mission of a resort-style environment that offers a “perfect hybrid of retirement and aged care”.

“The Burleigh Waters development, like with Robina and Chevron, will be built to reflect the current living needs of seniors, which is based on feedback we’ve received from Robina and the wider community,” he says.

“Since Robina opened in mid-2020, we’re adept with seniors’ living preferences and we always go out of our way to understand what our cohort need and want.”

Cru Collective founder and CEO Chris Bolger describes Odyssey as a leading authority in aged care that will make a “valuable addition” to his company’s $2 billion master plan for the Burleigh Waters site.

Bolger says the Burleigh Waters asset presents his company with a unique opportunity within the Gold Coast’s “golden triangle” of Burleigh Heads, Broadbeach and Robina.

Since acquiring the site in 2022, Cru Collective has fielded inquiries from some of Australia’s biggest names in retail and commercial looking to get a foothold in the precinct.

“The size and location of this site enables it to become a thriving precinct and will attract some heavy hitters,” says Bolger.

“Preliminary plans include a mix of waterfront residential, retail - including a market square, commercial, medical - and now the exciting addition of an Odyssey Lifestyle Care Community. We are thrilled to be working with Phil and his expert team.”

Cru Collective began civil works on the site last month.