Retirement village company Summerset Group Holdings Ltd chair Rob Campbell told the company’s annual meeting yesterday expansion into Australia was being considered but was not imminent.
Summerset has 21 villages in New Zealand providing a range of living options & care services to 4200 residents, and has 6 sites for development – Richmond, Rototuna, Casebrook & Lower Hutt and 2 in Auckland, in St Johns & Parnell.
At the end of 2016, the company’s landbank represented 2609 retirement units & 366 care beds – about 6 years’ supply based on Summerset’s intended build programme for retirement units in 2017 of about 450 units.
Mr Campbell added: “ It is our intention to add further sites in the main centres and in provincial locations where we will develop villages on our current model, evolving over time to meet the demands of the market. We face strong ongoing demand.
“In addition to this what might be described as Summerset ‘business as usual’, we are contemplating how the core model might expand over time. This contemplation includes the possibility of expansion into Australia. This requires the careful & extended research & consideration which it is getting. No decisions have been made in this respect, nor are they imminent.
“The second area of forward thinking is around the wider range of services which we could provide around retirement living & aged care. Again, decisions are neither made nor imminent but we are undertaking work on the options, the demand & commercial viability of a wider range of services.
Attribution: Annual meeting speechnotes.