Fairway living at new village
Metlifecare has announced plans for New Zealand’s first retirement village to be developed on an existing golf course.
Earthworks have begun for Fairway Gardens in east Auckland’s Botany Downs, a $180 million project on land the business bought from the Pakuranga Golf Club.
“The resource consent covers all stages of the $180m development, with the first 48 premium apartments expected to be completed mid-2021,” a Metlifecare statement said.
Glen Sowry, chief executive said: “It’s a great milestone to break ground on what we believe will be a village unlike any other, with unobstructed access to an outstanding golf course and real community integration that promotes wellness and social interaction.”
The unique site is beside the club on the corner of Botany Rd and Cascades Rd. More than 200 independent and serviced apartments and a 40-bed hospital will be built. “The village holds clear appeal for golf lovers. Many of Pakuranga Golf Club’s members have already registered interest,”
Sowry said.
Fairway Gardens is Metlifecare’s fifth village in the east Auckland region, not far from its Dannemora Gardens, Highlands, Edgewater Village and Longford Park.
“A second new retirement village, Pohutukawa Landing, is under construction in the heart of Beachlands with the first villas due in 2021,” said Metlifecare.
Just after Christmas, the New Zealand Superannuation Fund agreed to sell its 19.9 per cent stake in Metlifecare to European private equity firm EQT in a $1.5 billion takeover.
Metlifecare’s board signed a scheme implementation agreement with the private equity fund manager and recommended shareholders accept the $7 per share offer, valuing the retirement village operator at $1.49b.
The offer was a 50 cent lift from the original bid of $6.50, which the board rejected as being too low after checking with its large institutional shareholders.