Australia’s second richest man, the creator of the Meriton apartment group, Harry Triguboff, has announced his next strategic move is likely to be retirement villages.

Having tested extending the apartment market with one child care facility in an apartment development and liking it, he now has 20 childcare facilities being built. He sees retirement villages in the same light.

Meriton retains ownership of a significant number of the apartments it builds, currently owning 6,000 and plan another 3,000 over the next 18 months. It is currently building seven towers across the Sydney suburbs of Chatswood and Lane Cove worth $1.4 billion and will retain ownership.