This article is from the Australian Property Journal archive
ASX-listed Summerset has acquired a Richmond site in Nelson on the South Island of New Zealand.
Summerset plans to develop a 280-unit retirement village for 400 people on the 8.0ha site, comprising a mix of townhouses and serviced apartments and a care centre which will include rest home, hospital and dementia care.
CEO Julian Cook said the site complements Summerset’s existing village in Nelson, Summerset in the Sun, located 4.5km away.
“Our existing village in the Nelson suburb of Stoke is our largest village to date, and has been one of our fastest growing. This village is nearly complete and with the strong continued interest we are seeing we are pleased to be able to provide additional high quality, contemporary retirement village living and care options to meet the growing local demand for both the Tasman District and Nelson City areas.
“This development will bring over $100 million investment into the region, as well as create employment opportunities,” he added.
The Richmond site is Summerset’s fifth location in the South Island, bringing the total number of sites to 27 nationwide. Summerset is on track to deliver 400 retirement units across its 21 villages in 2016.
Australian Property Journal
