Retirement village dispute threatens residents
Posted
by DPS
A dispute between Gold Coast property group MFS Diversified Trust, which owns 10 retirement villages in NSW, WA, Victoria and Tasmania, and Village Life, who sold MFS the villages in June 2006, threatens the security of the 400 elderly residents.
Village Life has been managing the properties for MFS but there has been a dispute over the management fees. In February, Village Life said it would terminate the leases with residents – some of which have 20 years to run – and now MFS has said they will take vacant possession on 28 May.
Both parties are disputing responsibility, but residents have been told that they will have to leave by 28 May. Many residents are pensioners, paying 85% of their income for rent and three meals a day.
