Summerset’s $80 million expansion
Summerset Group has received Overseas Investment Office approval to buy a Nelson retirement village.
Summerset Group has received Overseas Investment Office approval to buy a Nelson retirement village.
The target property is the former Gracefield Living retirement village.
Around $80 million has been budgeted for development on the 8ha site, expected to include more than 200 homes. Civil works are due to start next week.
Significant development is planned on the 8ha site, with civil works starting within the next week.
The village will be the retirement village company’s 13th functioning village, but their first in the South Island.
Summerset Group chief executive Norah Barlow said “We’re very excited to be on track to finishing the purchase of the village, with a settlement date expected soon.”
Summerset is waiting for Resource Management Act approval before starting the development of a brand new $80 million village in Dunedin, its second village in the South Island.
In the past two years, Summerset has built 253 new units across the country and is currently developing four other villages in Manukau, Warkworth, Hastings and Hamilton.
It was last week announced that the company had appointed Rob Campbell as chairman. There have been rumours but as yet no confirmation that the company is planning to list on the NZX.
Charlotte Woodfield
Tue, 13 Sep 2011
Tue, 13 Sep 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Summerset’s $80 million expansion
16874