Sharechat Logo

Summerset acquires land for second Hamilton village

Monday 15th February 2016

Text too small?

Summerset Group plans to build a second retirement village in Hamilton after buying a 6.3 hectare site north of the city. 

The Wellington-based company intends to build a 270-home village on the Rototuna site, adding to its 220 home operation in Hamilton. Summerset estimates Hamilton's over-75 population will more than double by 2033, but has limited retirement living options at the moment. No price was disclosed for the purchase. 

"We took a good look at the demographics for the region, in particular that growth for the population over 75 years will increase markedly in the near future," chief executive Julian Cook said in a statement. "We also identified that there are limited quality retirement living options currently available in this area of Hamilton."

Summerset has been acquiring land and accelerating its construction rate as the 'baby boomer' generation enters retirement age, with expansion plans underway in Auckland and Christchurch. 

The shares last traded at $3.85, and have declined 5.6 percent so far this year.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Eroad's five year target: doubling unit sales
Blinky boxes and gobbledegook: tips for choosing a cyber-security vendor
Govt support for NZME/Stuff merger difficult, not impossible, says Jarden
NZ dollar stalled; US-China trade signals remain mixed
Ryman warns NZ, Australia to take population ageing more seriously
MARKET CLOSE: NZ shares fall as US-China trade concerns weigh on markets; Ryman slips
NZ dollar stalled; US-China trade deal may be postponed
AFT Pharmaceuticals starts to hit its straps
Crown seeks US$100m from Tui operator; Prospector moving on
Pacific Edge goes back to shareholders for another $20m

IRG See IRG research reports