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

 

Taxing Multinationals: EU Ruling Sours Apple

Shares of Apple slid, down 0.9 percent as of 3.08pm in New York, after the European Commission ruled that Ireland granted the company undue tax benefits of up to 13 billion euros (US$14.5 billion)—"illegal aid” under EU rules that the commission says Ireland now must recover from Apple. More>>

ALSO:

NZX Review: Best Practice Code Recommends Code Of Ethics

NZX, the sharemarket operator, is seeking feedback on proposed changes to its corporate governance best practice code including a published code of ethics, rules about share trading and continuous disclosure, and more transparency over board appointments and chief executive pay. More>>

ALSO:

Auditors:

Signs Of Life? SETI On Russian Space(?) Signal

A star system 94 light-years away is in the spotlight as a possible candidate for intelligent inhabitants, thanks to the discovery of a radio signal by a group of Russian astronomers... Could it be a transmission from a technically proficient society? At this point, we can only consider what is known so far. More>>

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news