A new a 116-unit retirement village will open on the Sunshine Coast in 2019, directly opposite a brand new not-for-profit aged care facility.

According to a report by the Australian Financial Review, Aura, a joint venture between former RetireAustralia executives and Blue Sky Alternative Investments, will manage the Maroochydore village but it will be developed by Blue Sky’s Private Real Estate arm.

Across the road from the site, St Vincent’s Care Services is about to open the doors of its new residential care facility next month.

The land on which the $67 million retirement village will be built is just under one hectare in size and was purchased for $6 million.

It is the second of six sites that Aura has earmarked for retirement living units that will give the company an 800-unit portfolio.

In September, Aura made its first purchase – the PresCare Kingsford Terrace retirement village in southwest Brisbane and announced it would expand the project from 34 to 250 independent living units. It is expected to be finished in 2021.

Blue Sky Private Real Estate director, Stuart Lockhart, told The Financial Review that investment in retirement villages was not keeping up with the ageing population, and Queensland will need four times the current supply of independent living units to meet demand by 2050.