$240m vil­lage en­vi­sioned for Drury/Karaka

Papakura Courier - - FRONT PAGE - PJ TAY­LOR

Re­source con­sent ap­pli­ca­tions are lodged with the Auck­land Coun­cil to build a new $240 mil­lion re­tire­ment vil­lage in Drury West.

De­vel­oper, Tau­ranga-based com­pany Karaka Pines Vil­lages, de­scribes it as ‘‘a new model of re­tire­ment vil­lage’’.

The re­source con­sent ap­pli­ca­tion is to build a 310-unit re­tire­ment vil­lage and coun­try club on its 11-hectare prop­erty on Brem­ner Road, Karaka/Drury West.

Karaka Pines Vil­lages chief ex­ec­u­tive Adam Yates says it will be called Karaka Coun­try Es­tate and be part of Au­ranga, the 2500-res­i­dence com­mu­nity de­vel­op­ment be­ing over­seen by Auck­land de­vel­oper Charles Ma.

Yates says the cost to de­velop a vil­lage of this size is not ex­pected to be less than $240m, and the project will be spread over seven years.

‘‘We have a group of in­vestors who are very ex­cited to be in­volved in an in­vest­ment of this na­ture,’’ he says.

‘‘They get re­turns from an in­vest­ment which also makes a pos­i­tive con­tri­bu­tion to the wellbeing of re­tired peo­ple both fi­nan­cially and so­cially.’’

Karaka Pines Vil­lages de­vel- ops and op­er­ates re­tire­ment vil­lages un­der the Own Your Own con­cept de­vel­oped by Yates dur­ing his 17 years as chief ex­ec­u­tive of Manor Group In­vest­ments.

Dur­ing that ten­ure, he was in­volved in the de­vel­op­ment of six re­tire­ment vil­lages in Auck­land, the Bay of Plenty and Can­ter­bury.

Own Your Own is a dif­fer­ent fi­nan­cial model from tra­di­tional re­tire­ment vil­lages, Yates says, with res­i­dents get­ting the right to the full cap­i­tal gain on the unit they oc­cupy, as well as re­ceiv­ing a li­cence to oc­cupy it.

‘‘What this means is that if you pur­chased a unit in 2012 for $400,000, the sale price in 2017 might have been about $680,000.

‘‘In­stead of the $300,000 re­turn you would have re­ceived un­der the tra­di­tional model, in our vil­lage your re­turn would be about $650,000 af­ter sell­ing fees and ex­penses.

‘‘We be­lieve that a re­tired per­son should get to re­tain and build on the wealth they have spent a life­time ac­cu­mu­lat­ing, rather than sac­ri­fic­ing it to the op­er­a­tor of a re­tire­ment vil­lage,’’ Yates says.

‘‘At our vil­lages we take pride in sup­port­ing the rights and in­di­vid­u­al­ity of our res­i­dents. It’s im­por­tant to us that our res­i­dents have flex­i­bil­ity to choose the level of ser­vice they re­quire.’’

Yates says Karaka Coun­try Es­tate will have com­mu­nal fa­cil­i­ties such as a bowl­ing green, swim­ming pool and coun­try club with an on-site man­ager, grounds keep­ing and main­te­nance ser­vices. Res­i­dents will also get to have a say in the man­age­ment of the vil­lage.

‘‘It be­longs to the res­i­dents, as they’re the ones that have to live there, so they should have a say in the way it op­er­ates,’’ he says.

An ex­ist­ing large res­i­dence near Drury Creek will be con­verted into the coun­try club to in­clude a restau­rant, gym­na­sium, swim­ming pool, lounge area, and ad­ja­cent bowl­ing green.

Yates be­lieves if build­ing con­sent is given, civil works for Karaka Coun­try Es­tate should be­gin in June, with the first units on the mar­ket in the first quar­ter of next year.

SUP­PLIED

Karaka Pines Vil­lages wants to build a 310-unit re­tire­ment vil­lage and coun­try club at Drury West/Karaka.

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