All go for Summerset with 16th village
Stock Exchange-listed retirement home operator Summerset has approval to buy its 16th site.
The company has obtained Overseas Investment Office approval for the purchase of a 7.6ha waterfront property in Hobsonville, Auckland.
Work will begin on Monterey Park when all resource consents are obtained, according to a Stock Exchange announcement.
Summerset says it is planning five new villages and is well placed to meet its target of 155 units for the 2012 year.
The company is focusing on developments in the Auckland region.
Construction on Summerset’s 15th retirement village started a couple of weeks ago at Bishopscourt in Dunedin.
It will be Summerset’s second operation in the South Island.
It plans to spend more than $40 million developing the village over five years, with the first stage comprising 30 homes scheduled for completion by the end of this year.
Eventually, the project will feature more than 100 homes and 40 care beds, and be home to up to 200 residents.
Summerset has already experienced high demand for the village from Dunedin residents and across the South Island, particularly Christchurch.
The majority shareholder is Australian company Quadrant Private Equity, whhich has a 56% stake.