Metlifecare Ltd said last week it had gone unconditional on its purchase of a 5.3ha waterfront site at Orion Pt in Hobsonville. Settlement is expected by June.
The retirement village company plans to spend $200 million building over 264 units, including a 36-bed care home, on the north-facing coastal site.
Chief executive Glen Sowry said the village would provide the full continuum of independent living & care options, including exclusive waterfront villas, serviced apartments & hospital-level care: “We will make the most of this exceptional site, with its expansive harbour views as well as direct access to the adjoining coastal walkway and 11ha nature reserve at Bomb Pt.”
“Our research & analysis indicates that we can expect strong demand for this offering in Auckland’s north-west, where the 75+ age demographic is projected to treble in size over the next 20 years.”
Mr Sowry said the company expected the village to generate a development margin for its independent living units & apartments above its 15% hurdle rate and a positive cash margin net of the costs of the common & care facilities.
Mr Sowry said design & consenting were well advanced and construction was planned to start in the second half of 2018. He said the village would be built over 4 stages, with the first delivered in 2020.
The new site takes Metlifecare’s total village sites to 28, of which 18 are in the Auckland region.
Attribution: Company release.