Archive | Vision Senior Living

Vision starts work on last stage of Waitakere Gardens

Published 28 August 2009

Vision Senior Living Ltd has started construction of the final 22 homes for its Vision Waitakere Gardens retirement community. The $4.5 million apartment block on 6 levels is scheduled for completion next May.

 

Vision Senior Living spokesman Aidan Craig said 14 of the apartments had been sold and he expected the rest to be sold before Christmas.

 

The first stage of the development opened 10 years ago and the completed village will have 300 homes & a population of about 400. Vision Senior Living (headed by managing director Peter Bourke) bought more land in 2006 to add 80 homes.

 

The retirement village at Henderson was the first to offer apartments in medium-rise blocks in a location so close to a town centre.

 

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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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New $5 million stage for Hamilton retirement village

Published 8 May 2009, some details corrected after initial publication

Livingstone (David & Michael Livingstone & Peter Clarke) has won the contract to build a new $5 million block of 21 apartments at the Vision Forest Lake retirement village in Hamilton. Work starts next week.

 

Village manager Jo Heslin said 50% of the apartments had already been sold. Completion is scheduled for next March.

 

The village is owned by Vision Senior Living Ltd, which pioneered apartment-style retirement communities with its first development in Waitakere City 10 years ago.

 

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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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Vision Senior Living to raise prices at least 10%

Decision backed by rising house prices & demand

Vision Senior Living Ltd (managing director Peter Bourke with Bob Foster & Ron Anderson of Arrow International Ltd) will raise the price of units in its 3 retirement communities by at least 10% from 1 January 2003.

Mr Bourke said at the official opening of Dannemora Gardens in East Auckland last Thursday that rising house values & accelerating demand were behind the decision.

He said it was important to keep the prices of retirement units on par with surrounding house values to protect the equity of future customers.

Vision Senior Living’s other current developments are Waitakere Gardens at Henderson and Forest Lake Gardens in Hamilton. The 3 projects have a completion value exceeding $200 million.

Demand heavy at all villages

Waitakere Gardens has 150 of 240 units completed & sold, with a further 20 more unconditional purchasers waiting for their units to be completed. Completion is set for 2004, a year ahead of the original target.

Dannemora Gardens has 45 of 200 units sold. Mr Bourke said legal issues relating to the financial failure of the original builder, Akita Construction Ltd, hadn’t been resolved. Arrow Construction, builder of Waitakere Gardens, has taken over.

“I read a few weeks ago that house prices in Dannemora have risen by around 20% over the last year. Demand is outstripping supply,” he said.

Forest Lake Gardens has 25 of 200 units sold and construction will start within a month, for completion in 2006.

2 more villages on drawing board

Vision Senior Living expects to announce at least 2 more retirement community developments in the first half of 2003.

The company has raised construction capital of $20 million in recent years through 3 secured note offerings, attracting more than 1200 investors with average investments of $10,000 earning 10%.

Mr Bourke said most of the investors are retired and many are also residents.

Vision Senior Living retirement units are sold under standard licence to occupy titles, the most common form of title in the retirement village industry.

Residents recover 80% of the price they paid for their units if they vacate after 5 years or more. For the first 5 years, 20% of the value is paid to the owner & manager of the village (Vision Senior Living), in equal proportional instalments over the first 5 years. This helps to fund home security, health support & other services within the community.

Waitakere Gardens won a Property Council award for excellence this year and Mr Bourke said the company would continue to take a 5-star position in the retirement market.

The higher risk of attracting customers to higher priced units was offset by longer-term customer satisfaction.

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