Dunedin approval confirms development goals

5 October 2011

MEDIA RELEASE

Dunedin approval confirms development goals

Summerset Group’s growth is continuing after resource consent for a retirement village worth more than $60 million has been granted for Dunedin.

The village, which will be home to around 200 residents and include more than 120 units, will be the leading retirement village operator and developer’s second village in the South Island.

Construction of the first stage will begin as soon as possible with the first homes completed next year.

CEO Norah Barlow said the village highlighted the company’s commitment to growth in the mainland, and across the rest of the country.

“Early last month Summerset was given OIO approval to purchase an existing village in Nelson,” Mrs Barlow said.

“Development on that site has begun and demand for the village is such that we want roofs on and people in as soon as possible. Our arrival in to the South Island has been well received and we will continue to look for opportunities there.”

The company is currently in expansion mode. As well as Nelson it is developing four other villages in Manukau, Warkworth, Hastings and Hamilton. It has a further two sites land banked for development in Karaka and Katikati.

Mrs Barlow is not ruling out building in Christchurch once uncertainty over land-rezoning had been resolved.

In the past three years Summerset has built more than 360 new units across the country.

The company intends to build on this number and has announced its target is 150 units per annum from 2012, growing to 250 within five years.

In Nelson Summerset has consent to increase the current 12 villas to up to 200.

Mrs Barlow said “We are on track to delivering more than 250 new units over the next two years. By the end of this year we expect to have more than 1,400 homes and more than 300 care beds. We have a land bank that will enable us to double that number in years to come.

With New Zealand’s aging population, and the increasing demand for hospital level care for the elderly, we are well positioned to maintain this growth.”

About Summerset

• Summerset is a leading nationwide retirement village operator with a focus on providing residents with a continuum of care. The integration of care facilities into Summerset's Villages provides residents with the knowledge that care is available for them should their needs change.
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• Summerset is the third largest operator, and the second largest developer of retirement villages in the New Zealand industry, with 13 operational villages across the country. It provides a range of living options and aged-care facilities and services to more than 1,700 residents.
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• The Summerset Group operates villages in Aotea, Hastings, Havelock North, Levin, Manukau, Napier, Nelson, Palmerston North, Paraparaumu, Taupo, Trentham, Wanganui, and Warkworth.
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• Summerset has a strong development pipeline for future growth. Four Villages are currently under construction, including the recently acquired site in Nelson. Summerset also has three quality land sites in Karaka, Katikati and Dunedin and is continually evaluating new sites to support the development of further villages based on demand they are seeing.
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• In November 2010 Summerset was named best retirement village operator in both New Zealand and Australia at the Australasian Over-50s Housing Awards.
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• Summerset's highly experienced senior management team is led by CEO Norah Barlow who is also the elected President of the Retirement Villages Association of New Zealand, a position which she has held for five years.
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