Metlifecare Ltd has conditionally bought a 2.38ha site in Botany for a $140 million retirement village.
Chief executive Glen Sowry said on Friday the proposed village at 197 Botany Rd, next to the Pakuranga Golf Club, was likely to have about 160 units in a 2-level development which would contain independent living units, serviced apartments & care.
The site “fits with our vision to create unique villages which integrate with their local surroundings to become retirement destinations. The fabulous outlook over the neighbouring golfcourse offers us the opportunity to build a ‘country club’ style village in an area exceptionally well serviced, with nearby amenities including shopping, sporting, recreational & medical facilities.”
Mr Sowry said Metlifecare had also considered the existence of a number of other retirement living options in the wider area, including 2 of its own villages, and its projections showed sufficient demand to accommodate these offerings.
He said the purchase was subject to third party consents being obtained. The conditions were expected to be satisfied by 9 June, and settlement would be the later of 28 July or 10 working days after the purchase becomes unconditional.
The new site will take Metlifecare’s total to 27 sites, 17 of them in Auckland. Metlifecare is on track to deliver at least 229 new retirement units & care beds at its 24 operational villages in the year to 30 June.
Attribution: Company release.