Retirement: Australian Unity is ramping up its hunt for retirement and aged-care facilities in NSW with an aim to grow its $450 million pipeline to more than $600m. 
The mutual fund in early   September won a $114m tender for the transfer of the NSW government's Home Care Service, which means all staff and clients will transfer to Australian Unity.
The win was a major coup and provides a new income stream, and boosts the stream of entrants into its retirement and aged care businesses.
"The effect of the deal means that we are now underweight in our retirement portfolio in NSW, so the focus has shifted to try and address that in the near term," Australian Unity retirement head Derek McMillan told The Australian.
The group is targeting the development of high-rise villages in the middle and inner ring of cities, Mr McMillan said, with a vision to put retirement, aged care and other services targeting the ageing population side-by-side.
The group is focusing on tenders for government land releases, such as a large parcel adjacent to the Westmead Hospital and UWS campus in Westmead, rather than competing head to head on residential development sites.
The group has also shunned the path of consolidating smaller retirement portfolios, which often only offer retirement or aged care, rather than the integrated vision Australian Unity is hoping to roll out.
"We need more leadership from the state government to ensure there's a pipeline of sites that are suitable for retirement and aged care," Mr McMillan said."Most government land releases go to highest and best use. The way I see it, it goes for the highest value but not necessarily the best use when you've got an ageing population in need of more services and facilities."