Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Metlifecare investigates building issues with Auckland Links

Metlifecare investigates building problems with Auckland Links Apartment complex

By Tina Morrison

Oct. 15 (BusinessDesk) – Metlifecare, New Zealand’s second-largest listed retirement village operator, is investigating building problems with an Auckland village it acquired as part of a merger with Private Life Care Holdings last year.

The Auckland-based company flagged the building issue at its Links Apartments at Hibiscus Coast Village in its prospectus last week for listing on the Australian stock exchange, saying the cost of remedial work is currently unknown.

“There is an area in the basement which was not designed exactly as it might have been using best practice and we just need to understand what the implications are,” said managing director Alan Edwards. “We are probably four to six weeks away from having a much clearer understanding of what is going on.”

Metflifecare acquired the village, adjacent to a golf course, as part of its merger last year with Vision Senior Living and Private Life Care which aimed to increase its portfolio and focus on the premium Auckland, Hamilton and Bay of Plenty regions.

The Links apartment complex is spread over four floors with access-controlled basement parking spaces and lift access to each apartment floor. The development of 71 apartment units took 19 months and was worth $22.5 million, according to Haydn & Rollett Construction. Maltbys, a quantity surveyor, puts the cost of the complex at $24 million, including extensions and refurbishments to the existing village community centre building and says it was completed in April 2008.

The building issues are sensitive and subject to a claims process, said Metlifecare’s Edwards.

Shares in Metlifecare gained 0.3 percent to $3.27, valuing the company at $683 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news