Summerset buys land in Parnell for new premium site

Tuesday 28th July 2015

Summerset Group, the country's third biggest listed retirement village operator, has bought a 2.3 hectare site in Auckland's Parnell which it plans to develop as a premium site.

The company bought the land from state owned rail operator KiwiRail for an undisclosed sum and will use the site as one of two "premier" villages servicing Auckland's eastern suburbs, it said in a statement. Wellington based Summerset has made three northern property purchases in the last fortnight, acquiring land next to its Warkworth village, north of Auckland, and taking a 127 year lease in the up-market Auckland suburb of St Johns.

"These high quality sites are great additions to Summerset’s existing group of villages," chief executive Julian Cook said. "We are a firmly nationwide retirement village operator but Auckland is a big part of our focus and we are seeing growing interest in all of our Auckland villages."

New Zealand retirement village operators 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 reach the target age for operators.

Summerset said there are 9,000 people over the age of 75 near the Parnell location, which is set to rise to 17,000 by 2013.

The company's shares last traded at $4.12, and have gained 49 percent this year.

BusinessDesk.co.nz

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