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Summerset buys land for second Napier village

Summerset buys land for second Napier village, Metlife finalises deal for Hobsonville site

By Paul McBeth

April 17 (BusinessDesk) - Summerset Group Holdings wants to build a second retirement village in Napier, while Metlifecare has finalised a land purchase for a site in Auckland's Hobsonville as retirement village operators continue to expand their national footprints.

Wellington-based Summerset today said it's bought a nine-hectare site in Napier's Te Awa suburb near the Maraenui Golf Club, where it plans to develop a 320-unit site with two- and three-bedroom villas, one-bedroom serviced apartments, and hospital and rest-home care.

"Demand for homes at our other Hawke’s Bay villages is high," chief executive Julian Cook said. "We have been looking for the right piece of land in the area for some time so more people can experience the Summerset lifestyle."

The Napier site takes Summerset's greenfields sites to seven, and it has 23 villages completed or under development, housing 4,700 residents.

Separately, rival Metlifecare said its acquisition of a 5.3-hectare site in Hobsonville went unconditional. The retirement village operator expects to spend more than $200 million building a 264-unit village, including a 36-bed care home.

"We are confident that the village will be well received by the community and adds significant value to the company," chief executive Glen Sowry said.

Construction is expected to begin in the first half of 2019, with the first of four stages delivered the following year. The Hobsonville site takes Metlifecare's total villages to 28, 18 of which are in Auckland.

Summerset shares slipped 0.3 percent at $7.02 and have gained 28 percent this year, making it the third-best performer on the S&P/NZX 50 index behind a2 Milk Co and Synlait Milk. Metlifecare was unchanged at $5.74, and has dropped 5.9 percent so far this year.

(BusinessDesk)

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