Metlifecare to buy 5 hectares in Auckland as part of $150 mln development

Tuesday 13th January 2015

Metlifecare, the retirement village operator, has entered into a conditional agreement to buy 5 hectares of land in Auckland as part of a $150 million project.

The Red Beach site on the Hibiscus Coast Highway is part of a larger residential re-development of the Peninsula Golf Club and will boast more than 1,350 units, the Auckland based company said in a statement. The deal is pending on due diligence, resource consents and subdivision approval for the vendor.

“This will be a desirable and high quality village option for those living in the Hibiscus Coast area," chief executive Alan Edwards said. "Red Beach is also popular for Auckland retirees looking for a relaxed, coastal lifestyle but who want to still be close to the city. We expect to have resource consent by December 2015.”

Retirement village companies are acquiring land and preparing for a record building spree in anticipation of increased demand as people born in New Zealand's post-war era start to reach the target age for operators. Should the deal go ahead, this would be Metlifecare's 15th village in the wider Auckland region and 29th nationwide.

Shares of Metlifecare rose 1.1 percent to a seven-year high of $4.77.

BusinessDesk.co.nz

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