Radius Residential Care Limited (NZX: RAD) Christchurch Property Development Update

Radius Residential Care Limited is pleased to announce that it has exercised its right to acquire c. 4.3 hectares of development land in Belfast, Christchurch. Resource consent has been issued by Christchurch City Council for a new integrated aged care and retirement village facility totaling 70 care beds, 30 care suites and 94 retirement village units to be constructed on the property. An independent valuation obtained by Radius Care from CBRE has confirmed that the property’s fair value exceeds the purchase price of the property (including the price to Radius Care of its right to acquire the property).

Settlement of the acquisition is expected to take place between December 2021 and March 2022, with the balance of the purchase price for the property (being $5.5 million) payable on settlement. Following exercise of its right to acquire the property, Radius Care is now in a position to progress the final facility design, obtain building consents and commence construction contracting discussions in relation to this development.

Please see the link below for details:

Chch Dev Property Update

Source: Radius Residential Care Limited

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