Sharechat Logo

Retirement village deal a step closer

By Christine Nikiel

Friday 21st March 2003

Text too small?
Plans for what will be the country's biggest retirement village shuffled closer to reality this week as Calan Healthcare Properties Trust and Metlifecare settled on a conditional deal for a site on Auckland's North Shore.

The 1.8323 ha site in Takapuna will be sold for $12.825 million ­ provided Metlifecare gets resource consent for the proposed 250 luxury apartments.

Calan bought the site from the Waitemata District Health Board four years ago, planning to build a private hospital there. It canned the idea, saying that while tenant commitment was good the risk profile of a new start-up was too great at that time.

Metlifecare is banking on Takapuna's pulling power as an attractive place to invest and retire.

Chief executive Gavin Aleksich said market demographics for the North Shore were very attractive and the Takapuna area was "prime real estate and highly sought after."

The sale will boost Metlifecare's already hefty portfolio of retirement villages and care facilities.

In its latest annual report released last week Metlifecare reported sales of new villas and apartments increased 54.5% to $28.9 million, compared to $18.7 million in 2001. Meanwhile, resales of villas and apartments collected $36.9 million, compared with $31.1 million in 2001.

The number of resales also increased from 177 in 2001 to 193 for 2002, with an increased average resale price of 8.6%.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

Investore Property Limited (Investore) today announced its financial results for the twelve months ended 31 March 2020 (FY20).
Rabobank GDT Analysis - Event 261
SkyCity Entertainment Group Limited - Update on COVID-19 Impacts and Recent Trading
ANZ announces sale of UDC Finance
Foley Wines Limited Announces Harvest Result, Earnings Outlook and Development in Martinborough
BLIS delivers substained profitable growth
Infratil - Full year results announcement for the year ended 31 March 2020
COMVITA LIMITED Announces NZ$50 Million Equity Raising to improve balance sheet flexibility and build resilience
GMT’s delivers statutory profit of $284.4 million before tax

IRG See IRG research reports