Summerset buys in New Plymouth

NEW PLYMOUTH: Summerset Group has bought land to develop its second New Plymouth retirement village, as it remains on track to build 450 retirements units across its New Zealand villages this year.

The 8.1hectare property in Waiwhakaiho is close to Fitzroy and Ngamotu golf clubs, Fitzroy Beach, and approximately 7km from New Plymouth’s central business district, the Wellingtonbased company said in a statement.

‘‘The new village will help to provide for the expected 37% increase in people aged over 75 in the New Plymouth area within the next decade,’’ Summerset chief executive Julian Cook said.

Summerset, like other retirement village operators, is expanding its businesses to benefit from increased demand as people born in the country’s postwar era reach the target age for operators.

Summerset’s existing village in New Plymouth houses more than 200 residents. The new village will include around 300 homes, including two and threebedroom villas and serviced and socalled memory care apartments. In addition, a care centre will provide resthome and hospitallevel care.

The memory care apartments — Summerset’s first in New Plymouth — offer people living with dementia their own onebedroom apartment with living space and bathroom in a secure environment.

The New Plymouth land purchase brings the company’s number of greenfield sites to eight across the country.

Summerset has 23 villages completed or in development across the country, providing a range of living options to more than 5000 residents. The eight greenfield sites bring the total number of sites to 31.

Last month, Summerset said its underlying profit, which excludes unrealised valuation gains in the fair value of investment property, was between $43 million and $45 million in the six months ended June 30, up from $36 million a year earlier. Summerset will release its detailed results for the first half on August 14.

Its shares edged up 0.7% to $7.65 in early trading on the NZX yesterday. — BusinessDesk