This article is from the Australian Property Journal archive
ASX-listed retirement village operator Summerset has purchased land for its sites in Whangarei and Cambridge, and will invest a combined NZD$290 million in the projects.
Summerset’s land bank now totals 12 properties across New Zealand, with another 26 villages already open or in development.
The 11-hectare property in Whangarei is at Mount Denby on the border of Kamo and Tikipunga, and adjoins the Whangarei Golf Club, while the Cambridge property on Laurent Road encompasses eight hectares.
Both villages will have more than 200 independent living homes, including two and three-bedroom villas, and around 70 serviced apartments. Each will have a rest home and hospital level care, and a memory care centre for people affected by dementia.
Chief executive officer Julian Cook said the Waipa (Cambridge) district’s 75-plus year old population is forecast to increase by 45% over the next decade, while Whangarei has a 34% increase forecast for the same period.
“In the last 18 months we have focused on buying a mix of broadacre sites in urban fringe locations, retirement destinations, and high growth regional centres. When added to our urban sites such as Ellerslie, St Johns, Parnell, and Lower Hutt we have a good mix of new villages across New Zealand,” he said. “Summerset has bought 10 sites in the last 18 months, and these provide us with a strong and diverse pipeline of growth.”
Summerset announced a NZD$98.6 million full-year underlying profit for 2018.
Australian Property Journal
