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Summerset gets consent for $100 mln Casebrook village

Summerset gets consent for $100 mln Casebrook village

By Paul McBeth

Sept. 21 (BusinessDesk) - Summerset Group, the listed retirement village operator and developer, has been granted resource consent for a $100 million village in the Christchurch suburb of Casebrook.

Construction of the 237-home site across 9.7 hectares is expected to begin in 2017, and is Summerset's second in the country's second-biggest city, the company said in a statement. The village will include a 49-bed care centre, providing rest home and hospital-level care.

"Casebrook is in a great location, bordering a reserve area in an established residential location, with great access to shops and local amenities," chief executive Julian Cook said. "Our Wigram village is proving to be popular and we are very encouraged by the positive reception from people in Christchurch."

New Zealand retirement village operators 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 reach the target age for operators.

The first residents at Summerset's Wigram site are set to move into the village this month, and will house more than 300 people once it's complete.

The company increased its annual target build rate to 400 units from 2016, buying three sites in Auckland for development this year.

The shares last traded at $3.78, and have gained 36 percent this year.

(BusinessDesk)

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