Summerset presses ahead with $100M Lower Hutt site

Summerset Group, the retirement village operator and developer, is pressing ahead with plans for a $100 million site in Lower Hutt after completing due diligence.

The Wellington-based company plans to buy the 3.3 hectare site from Boulcott's Farm Heritage Golf Club for its 20th retirement village, it said in a statement. The contract needs Overseas Investment Office approval, which is expected to be granted this year.

"Summerset has been working closely with the Golf Club for some time to be able to achieve this," chief executive Norah Barlow said. "Lower Hutt currently has few retirement village and aged care facilities relative to other areas around New Zealand and this acquisition is consistent with Summerset's continuing focus on areas with strong demand for high quality retirement living."

The company accelerated its occupation rights sales in the first three months this year by a fifth, selling 64 new units and 25 resales in the three-month period. Summerset is aiming to lift its annual build rate to 300 units by 2015.

The shares rose 0.7 percent to $2.74 on Friday, and have gained 22 percent this year.

BusinessDesk.co.nz

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