Summerset gains resource consent for $55m retirement village in New Plymouth

Summerset 12-month price history (NZX.com)

Summerset Group Holdings [NZX: SUM], whose shares have made more than twice the NZX 50 Index's gains in the past 12 months, said it gained resource consent to build a $55 million retirement village in New Plymouth.

The Wellington-based company plans to build about 150 units on the 4 hectare Carrington Road site ranging from townhouses and villas to care apartments and rooms. It acquired the site last August.

Shares of Summerset rose 1.5 percent to $3.34 and have gained 35 percent in the past 12 months, while the NZX 50 rose 15 percent. The stock is rated a 'hold' based on the consensus of five analysts polled by Reuters, with a media price target of $3.55.

The company is scheduled to release its full-year earnings on Feb. 25 and is expected to post a 68 percent gain in profit, according to brokerage First NZ Capital.

(BusinessDesk)

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