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

 


Summerset green-lights $130M Ellerslie village after consent

Summerset green-lights $130M Ellerslie village after consent approved

By Tina Morrison

Aug. 8 (BusinessDesk) - Summerset Group, New Zealand's third-largest listed retirement village operator, will develop a $130 million village in the Ellerslie suburb of Auckland to accommodate 400 people after being granted resource consent.

The 3.8 hectare village will include 250 units, including townhouses, villas, apartments, and care apartments where residents can receive rest-home level care in their homes, as well as an 80-bed care centre providing rest home and hospital-level care, the Wellington-based company said in a statement. It had previously announced that it was waiting on consent for the project.

Summerset Group said Ellerslie, in east Auckland, lacks retirement villages and the project will bring its investment in Auckland village development to $500 million. It has completed a village at Manukau and is close to finishing a village at Warkworth. Earlier this year, the company started work on a $70 million village at Karaka and a $120 million village on the waterfront at Hobsonville.

"Summerset has seen homes snapped up in its other Auckland villages, and welcomed first residents to villages at Karaka and Hobsonville recently," chief executive Julian Cook said. "Sales of occupations rights in those villages have been strong, with stages released early due to demand."

Retirement village companies are acquiring land and preparing for a record building spree in anticipation of increased demand as people born in New Zealand's post-war era start to reach the target age for operators, including Summerset and its larger rivals Ryman Healthcare and Metlifecare.

Summerset has a landbank equivalent to 2,116 village units and 595 beds set aside and estimates the percentage of the population aged over 75 will rise to 10 percent by 2031 and make up 14 percent by 2051, from 6 percent in 2011.

Shares in Summerset were unchanged at $2.97 shortly after the market opened at 10am, and have shed 8.6 percent so far this year. The stock is rated an average "hold" according to analysts polled by Reuters.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news