Metlifecare Ltd has been granted resource consent for the development of a new retirement village on its 5ha site at Red Beach, on the Hibiscus Coast.
Chief executive Glen Sowry said today the new village would differ from anything Metlifecare had done before: “After our original resource consent application was declined in November 2016, we took the opportunity to start again with some bold ideas about how we will meet the needs & expectations of our next generation of residents while also becoming an integral part of the local community.
“We believe the new design, which we have developed in collaboration with local residents & the council, represents a whole new approach to retirement living & aged-care support. We have created an urban neighbourhood precinct which combines all the benefits of a fit-for-purpose retirement village within a wider community environment that promotes & enables inter-generational & social integration, both of which we believe will become increasingly important to residents in the future.”
Mr Sowry said the new village would comprise about 320 units & beds, providing the full continuum of independent living & care apartment options including villas, manor houses, apartments & hospital-level care.
“The flat site has given us some real flexibility in our building configuration, with all parts of the village easily accessible for older residents while merging seamlessly with the surrounding neighbourhood.”
Metlifecare expects the total investment over the life of the project to exceed $200 million, and Mr Sowry confirmed the revised village design would comfortably meet Metlifecare’s investment criteria & margin thresholds: “While the revised scheme is less intensive, we are confident this retirement village concept will be well received by the community and adds significant value to the company. Our modelling indicates that each completed unit will add about 25% of its value to our net assets.”
The company expects to spend 4 years building the village, starting with site works in October. Mr Sowry said the first units were planned for completion by mid-2019, and said the new scheme provided the company with a staging flexibility which didn’t exist in the previous scheme, allowing construction to be accelerated according to demand.
“We believe demand for this village will be strong. The Hibiscus Coast has one of New Zealand’s fastest-growing populations, with people moving from far & wide to enjoy its relaxed lifestyle.”
5 August 2016: Propbd on Q F5Aug16 – Wiri site for Turners, Ryman at Hobsonville, Metlifecare unconditional at Red Beach, port alliance, Stride buy OK
13 January 2015: Metlifecare buys 5ha of Red Beach golfcourse for new retirement village
Attribution: Company release.