Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Premium retirement village to be built

The Royal New Zealand Foundation of the Blind (RNZFB) and Generus Living Group are pleased to announce a joint venture that will give rise to New Zealand’s first six-star retirement village.

Situated at the Foundation's historic grounds in Parnell, Auckland, the development will offer a unique location and amenity while supporting the charity's long-term financial sustainability.

The high-end complex, called The Foundation Village, will initially include two buildings housing 116 apartments within the 2.5-hectare precinct at the corner of Parnell Road and Maunsell Road. A third stage containing aged hospital and memory assisted facilities is also planned closer to the centre of the precinct.

Today's announcement follows the granting of resource consent for the initial two buildings on Maunsell Road, while design and consent for the aged care building is yet to be fully resolved. Construction of the first building is due to commence in the third quarter 2020.

RNZFB Chairperson Rick Hoskin says the decision to create a retirement village on the Parnell property follows careful consideration over several years as to the best use of the land.

"This is a once in a generation opportunity to make the most of our most valuable asset. Our focus was on finding a way to build a sustainable revenue stream for the Foundation, without spending our reserves, and we’ve achieved this via our unique arrangement with Generus.

"Through this arrangement, we’re selling a portion of our precinct to the Joint Venture on a 100-year leasehold basis, while sharing equally in the future earnings of the complex. Earnings will be used to fund services to support New Zealanders who are blind or have low vision. Generus is also developing new purpose-built premises for us on the site, allowing us to modernise and meet the needs of our constituency,” says Mr Hoskin.

Graham Wilkinson, Director of Generus Living Group, says the new complex offers a premium living environment for seniors in one of Auckland's most desirable suburbs, adjacent to the Auckland Domain.

"Through this union of commercial and charitable interests, we’re achieving two great things. Local residents will have access to a premium retirement village and the RNZFB gain long-term income potential.

"There is a clear need for an upscale comprehensive living environment for seniors in Parnell and its neighbouring suburbs. The area is currently underserved, and we’re honoured to partner with the Foundation to deliver this for the area,” says Mr Wilkinson.

Part of the reason the RNZFB selected Generus Living Group for this project is because of its proven experience in developing upscale retirement villages in partnership with charitable trusts, iwi and other not-for-profit entities.

The company is known for the creation of bespoke luxury villages with its developments receiving numerous awards and plaudits. A traditional design approach to the Village has been taken, including significant use of stone facades to complement the existing heritage buildings.

Mr Hoskin says the RNZFB worked extensively with PricewaterhouseCoopers to find the best way to leverage the charity’s assets to deliver long-term sustainable funding and to find the best partner for the project.

"This arrangement allows us retain a presence on the Parnell site with new premises, in conjunction with opening new offices in south and west Auckland to be closer to clients.

“Our Parnell precinct will always be our spiritual home. Since we purchased the land 130 years ago it has evolved to meet our needs. It's decades since we stopped offering accommodation and workshops in Parnell and started putting the land to best use through commercial arrangements.

Today's decision continues in that same vein. We value the historic significance of our Parnell block and look forward to its next evolution with Generus,” Mr Hoskin concludes.

© Scoop Media

Business Headlines | Sci-Tech Headlines


TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>


Real Estate: Auckland’s Rental Market Ends Year Near $600 Per Week Mark

The average weekly rent in Auckland reached a new high of $595 at the end of 2020, just shy of a long-anticipated $600 per week. More>>

University of Auckland: Pest-Free Goal Won’t Be Achieved Without New And Better Tools

New Zealand’s goal to become predator free by 2050 will remain an unrealised dream unless new technologies and advances in social engagement continue to be developed, researchers who first promoted it say. A team from the University of Auckland has ... More>>

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>