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$50 million retirement community in Kerikeri

Vision announces go-ahead for $50million retirement community in Kerikeri

A $50 million lifestyle retirement community has been given the go-ahead for Kerikeri.

Owner and developer, Vision Senior Living, announced today, that it has overcome legal complexities of the past two years and can now proceed with a development to be known as "Vision Bay Of Islands."

Vision has been focusing on the Kerikeri site since 2004 but problems encountered with a joint venture partner stalled the development. Vision is now the sole owner of the site.

Vision Senior Living is one of the fastest growing retirement village companies in New Zealand with two communities in Auckland, one in Hamilton and another in Papamoa. Vision currently has over 700 residents across it's communities. At least two other developments are expected to be announced next year.

The company also recently announced that it has access to a further $54 million in investment capital as a result of a second major equity investment in the company by Goldman Sachs JB Were.

The Kerikeri development is expected to be completed over the next 5 years in several stages. The current plan for the four hectare site, 5 minutes walk from the town centre, will have 150 dwellings, comprising of stand alone villas and some low rise apartments. The estimated population on completion will be approximately 200 residents.

The architecturally designed dwellings will be sold as occupational right agreements under the Retirement Villages Act legislation and Vision will also serve as the long term manager of the community.

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Vision Bay Of Islands Manager, Mr Charles Peddie, said prices of units are yet to be established but there will be something for everyone given the mix of stylish one,two and three bedroom dwellings on offer.

Vision has confirmed a contract with local building company, David Reid Homes (Northland) Ltd, to build Vision Bay Of Islands.

"Vision and David Reid Homes will now be reviewing the concept design in detail and I am hopeful that we will have the first stage ready to offer by early to mid January," said Mr Peddie.

A modern central community pavilion comprising of a café, gym, pool, library and other facilities is a feature of communities owned and managed by the company. The first stage of the pavilion building is also expected to get under way in 2008.

Mr Peddie said there is a long waiting list and "we want to deliver for those people who have been so patient."

General Manager of David Reid Homes, Mr Kevin Stratful, said extensive discussions and planning have already been held and he anticipates builders will be moving on site in January.

ENDS

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