Summerset Group Holdings Ltd has bought 3.2ha adjoining the retirement village it’s building in Karaka, South Auckland, which will almost double the village’s footprint to 6.8ha.
New chief executive Julian Cook told the company’s annual meeting in Wellington on Wednesday the purchase would help the company’s growth as it anticipates bigger deliveries of retirement units, care apartments & care beds at multiple sites.
Summerset will build about 250 retirement units this year, rising to 300 in 2015. It built 209 in 2013.
The company had already extended its landbank last year with purchases at New Plymouth, Lower Hutt, Trentham, Casebrook & Wigram, but Mr Cook said Auckland was a key region for Summerset, which has villages in Warkworth, Manukau, Karaka & Hobsonville, and a greenfield site at Ellerslie. The landbank now stands at more than 2000 retirement units & nearly 600 care beds.
“When these 5 villages are completed, we will have spent more than $500 million in the region and created homes for some 1300 residents.”
Mr Cook said the company’s goal was to be the number one choice in retirement village & aged care services in New Zealand: “Summerset’s early goal of building 20 villages in 20 years is now within our grasp. After 17 years in the business, we have just launched our 18th village, the $120 million Hobsonville village – a truly special location on the waterfront in Auckland. With developments like this, I believe being number one choice is imminently achievable too.”
He said Summerset had been named best retirement village operator in Australasia 4 years running because of its focus on the customer, and the challenge was to maintain that listening approach as the company grew.
“Ultimately we do all of this to create villages that enhance residents’ lives, and I feel deeply about making sure older New Zealanders have an enjoyable retirement in communities built with their care & needs in mind.”
Attribution: Company release.