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Aged Care Retire
Villages g to z Introductory
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section Zig Inge
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Zig
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This is another operator of luxury retirement
villages. It has linked with Macquarie bank to
expand its operations.
Zig Inge founded the private Victorian company that bore his name. It served the luxury retirement market and used the strata title model. Short on central space in 2004 Zig Inge arranged to work with a property developer and site villages in other developments.
Rather than list independently Zig Inge went into partnership with Macquarie Bank in 2005. This gave it the financial backing to grow nationally while continuing to manage the villages.
The name should be familiar. In the 1970s he and his brother were Inge Brothers, builders of classy houses. The company was known for quality construction, it won several awards, and the brothers made regular visits to Europe and Britain to refine their ideas on modern housing.
Feb 1996 Family story
They now work separately, with the Zig Inge Group, based in Deepdene/Balwyn, concentrating entirely on retirement village development. Mr Inge has built a clutch of his model villages around Melbourne's leafier suburbs, always in quality land and always within reach of good public services
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Mr Inge is a mine of information about the art of successful retirement. After all, he has made a study of it for two decades or more, and has keen aspirations for more villages in Victoria, all to upmarket standard. ''I just love the building trade'', he says, looking back on a lifetime of designing, constructing and financing. ''I would never want to do anything else, and I still visit America and Europe every year looking at ways I might improve designs, although these days the Americans tend to copy us (Australia)''.
Varied Temptations Of Village Life Sunday Age February 25, 1996
The Zig Inge Retirement Village Group is to develop the first retirement village for Camberwell, Melbourne (Victoria). The managing director of Zig Inge Retirement Village Group, Zig Inge, says that the Prospect Hill site will trial the development of a medium-rise retirement community, a trend which has been apparent in the US for some time. The retirement village is to be targeted at people who are 60 years or more. Most of the homes in the village are duplex units, which means that residents can remain independent for as long as possible. The company manages 13 retirement villages around Australia.
Dec 1998 Retirement Village
Plans for new complex in east. Herald Sun December 19, 1998 (ABIX Abstract)
Sourcing appropriate development sites has been problematic during the latest residential boom, prompting operators and owners such as FKP and Zig Inge to explore other avenues for expansion.
Jan 2004 Integrating into housing estates
Under the agreement forged between Zig Inge and the Dennis family, the two organisations will develop villages within the Dennis Family Corp's housing estates. The 50-50 joint venture will get under way with a 225-unit independent-living complex at The Hunt Club in Cranbourne.
Zig Inge Group founder Zig Inge said the partnering with the Dennis family allowed access to land in Melbourne's growth corridors and meant that the retirement accommodation could be integrated into larger communities.
Zig, FKP In Aged - Care Venture Australian Financial Review January 9, 2004
Macquarie Capital Alliance Group (ASX:MCQ) will acquire 49 per cent of Zig Inge Retirement Villages Group for $100 million.
Aug 2005 Macquarie buys half of Zig Inge
The founders of Zig will retain a 51pc stake and day to day management.
Macquarie Capital Alliance to acquire 49pc of Zig Inge Ralph Wragg Australian Business News August 31, 2005
Zig owns and operates 15 retirement villages in Victoria, NSW, the ACT and Queensland, accommodating over 2,400 residents in 1,772 independent living units and 201 serviced apartments.
Aug 2005 Scope of operations
The company also has the right to additional sites that are expected to house a further 539 units and 35 apartments by June 2008.
Macquarie Capital acquires Zig retirement villages Australian Associated Press Financial News Wire August 31, 2005
FOR years the Inge family of Melbourne has been looking for ways to expand the retirement village business it founded more than 26 years ago.
Sep 2005 Family story -- Business model
It had two options -- to list the $200 million family business or do a joint-venture deal with one of the country's leading investors in aged care and retirement villages.
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Peter is the only son of founder Zig Inge, who at 79 is still heavily involved in running the development side.
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Zig Inge started building houses more than 40 years ago before branching into the development of retirement villages in 1979. Today the firm has 15 villages with 10 in Melbourne and the rest spread between NSW, Queensland and ACT.Prices of its units range from about $250,000 to $1.2 million.
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Retirement units are sold to owner-occupiers who live independently.They pay a service fee of $45 to $120 a week, which covers day-to-day living at the village, including the upkeep of the gardens and garbage collection.
Owners also pay the company a deferred management fee of 3 per cent yearly, capped at 30 per cent. This is paid to the company when the owner sells.
Inges stay in control with MacCap venture The Australian September 1, 2005
Zig Inge wen site is at <http://www.zig.com.au/>
For Updates:- A good way to check for recent developments in aged care is to go to the aged care crisis group's search page and enter the name of the company, nursing home or key words relating to any other matter in the search box. Most significant press reports are flagged there. The aged care crisis web site has recently been restructured and some of the older links used from this site may not work.
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This page created Sept 2006 by
Michael
Wynne
