Your super is helping create an Australian-first suburban village that restores the joy of everyday life for people with dementia.
As part of our mission to make a real difference to our members and to society, HESTA has invested $19 million in a cutting-edge dementia ‘village’ in Tasmania through our Social Impact Investment Trust.
Dementia is now the second leading cause of death in Australia (and the leading cause for women). By 2056 there will be more than 1.1 million Australians living with the condition.
“The demand for dementia care across Australia is outstripping the available supply of services and facilities,” HESTA CEO Debby Blakey says.
Korongee village is a partnership between HESTA, not-for-profit aged care provider Glenview Community Services and Social Ventures Australia and has the potential to reshape Australia’s model of dementia care.
“This investment is helping provide a world-class facility and benefit our members by earning a market-based return,” Debby says.
A home away from home
As people living with dementia can become distressed in unfamiliar places, Korongee, in the southern Tasmanian suburb of Glenorchy, will be designed to recreate a typical suburban lifestyle.
The hamlet will have 12 homes and a number of amenities.
“Residents can walk around the secure, safe village and participate in everyday life decisions, such as going to the café to buy a coffee or simply heading to the supermarket to buy groceries for dinner,” Glenview CEO Lucy O’Flaherty says.
International inspiration Korongee is based on overseas examples, including the Hogeweyk dementia village in the Netherlands.
The Dutch project has seen encouraging results for its residents. They enjoy more freedom, tend to live longer, eat better and take less medication.
A perfect partnership Lucy says the longstanding relationship between Glenview and HESTA means this project could soon become a reality and have a broad scope.
“This isn’t a transactional partnership, it’s a real relationship,” Lucy says.
“HESTA is looking not just for a financial return, but a social one as well.”
She hopes to further inspire the private and financial sectors to work with not-for-profit organisations to tackle the growing demand for dementia care.
“Our relationship with HESTA breaks down stereotypes about what can be achieved – it’s critical that everyone is part of the solution.”
Investing in the future
When Korongee opens in 2020 it will be home to 90 people, with 100 staff.
It’s a step towards meeting the need for high-quality dementia care that, until now, has been largely unmet.