IT IS out with the old and in with the new at an increasing number of council planning meetings – with another site once earmarked to become a retirement village winding up in the hands of residential developers, which have had reconfigured projects approved.

This time, near the Phillip Island retail township of Cowes, AMP Capital Investors has sold out of a $40 million aged-care based village it earmarked for 26 hectares of former farmland on Ventnor Road.

The new owner, a residential developer is now proposing a standard “house-and-land package” based redevelopment, Whyte Sands. Greg Price of selling agency Alex Scott says the reinvented project will yield about 300 lots and be developed over four years.

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