This article is from the Australian Property Journal archive
SUMMERSET Group has bolstered its retirement village portfolio by purchasing four new sites in New Zealand.
The company has acquired the Belmont (Auckland), Paraparaumu (Kāpiti Coast), Boulcott (Lower Hutt) and Blenheim (Marlborough).
The Belmont and Paraparaumu sites will be home to proposed new villages while the Boulcott and Blenheim purchases are extensions to existing villages.
Chief executive Scott Scoullar said it is very pleasing to strengthen the company’s landbank and secure excellent sites in a good mix of high demand locations.
“While 2024 has represented a very challenging business environment for us it has also created some excellent opportunities to acquire great sites where we can introduce more New Zealanders to our retirement village lifestyle.
“All four sites are in very high demand areas where we expect to see significant growth in the coming years. These acquisitions demonstrate our confidence in Summerset’s retirement proposition and its ongoing appeal,” he added. “We’re pleased to find two excellent new village sites and to secure two village extensions. Village extensions are about meeting demand in proven locations, often where we already have pre-existing capacity in the supporting village infrastructure.”
Belmont, on Auckland’s North Shore, was acquired from Ngāti Whātua Ōrākei in a unique structure, including part payment through issuance of shares in Summerset Group Holdings Limited. It also includes education and employment opportunities for hapū, facilitating the start of a long-term partnership. Summerset also acknowledge Ngati Pāoa as tangata whenua of the site.
The new Paraparaumu site on the Kāpiti Coast, north of Wellington, is 12.6 hectares and will be Summerset’s third village in the area.
The Boulcott village extension is 1.2ha on the eastern edge of Boulcotts’ Farm Heritage Golf Club, where Summerset plans to build new independent living villas and townhouses.
The Blenheim extension is a sizeable 4-hectare site that will allow Summerset to offer up to 100 additional homes to Marlborough retirees.
These latest acquisitions along with Summerset’s Mission Hills site in August this year has added more than 1,000 new units to its land bank.
