13 September 2011
MEDIA RELEASE

Summerset continues expansion in to South Island

Summerset Group has received Overseas Investment Office approval for the purchase of the former Gracefield Living retirement village in Nelson.

The village will be the leading retirement village operator and developer’s 13th functioning village. It’s first in the South Island.

CEO Norah Barlow said “We’re very excited to be on track to finishing the purchase of the village, with a settlement date expected soon.”

Significant development is planned on the 8ha Summerset in the Sun site, with civil works starting within the next week.

The company has arranged access to the site with the vendor before settlement. This is in order to have homes available by the end of the year to meet the area’s high demand for retirement living.

In the long term, Summerset is expects the village will add up to 40 jobs in to the local Nelson economy.

Around $80 million has been budgeted for the development, which is expected to include more than 200 homes.

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.

Summerset is a rapidly growing retirement village operator and developer.

In the past two years, the company has built 253 new units across the country and is currently developing four other villages in Manukau, Warkworth, Hastings and Hamilton.

“There is a shortfall of quality retirement village options across the country and we are continuing to look for opportunities in other areas on the mainland and in the North Island,” Ms Barlow said.

“Demand is coming from the aging population, but it’s also coming from an aging population who are demanding more and more from their aged-care providers. People are not happy with old-fashioned offerings. They want the best and are increasingly looking to the new-generation retirement villages to provide that.”

About Summerset

Summerset has grown in to one of the country’s top suppliers of quality and affordable retirement living.

In 2010 it was named best retirement village operator in both New Zealand and Australia beating over 1,100 at the Australasian Over-50s Housing Awards.

The group offers a range of lifestyle options and aged-care facilities and services to more than 1,700 residents with a staff of over 450.

Summerset is the third largest operator and second largest developer in the industry, owning and operating 12 retirement villages.

It operates villages in Aotea, Hastings, Havelock North, Levin, Manukau, Napier, Palmerston North, Paraparaumu, Taupo, Trentham, Wanganui, and Warkworth.

As well as Nelson, the company has sites in Dunedin and Hamilton in stages of development.

Summerset Retirement Villages head office is based in Wellington though villages are spread across the country. The company was established in Whanganui in 1994. It is now 98% owned by Quadrant.

ENDS

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