Summerset reports strong profit growth for first half of 2017
Retirement village operator Summerset Group Holdings Limited has announced net profit after tax for the first half of 2017 of NZ$90.3 million, an increase of 78% from the first half of 2016.
Summerset’s underlying profit, which excludes unrealised valuation gains in the fair value of investment property, was NZ$35.7 million for the half year to 30 June 2017, up 45% on the same period last year.
Prime Minister opens stage one of Summerset at Heritage Park
Prime Minister Bill English today opened stage one of Summerset at Heritage Park, an innovative multi-story Ellerslie retirement village, which will free up the equivalent of 18ha of residential land in Auckland.
The higher density nature of Summerset at Heritage Park, in comparison to the residential homes residents have largely moved from, means the development results in approximately five times more efficient land use.
“At a time when land supply is under real pressure, developments such as this play a vital role in freeing up land in Auckland,” said Summerset CEO Julian Cook at a ceremony to mark the completion of the first stage of the village.
The $250 million Heritage Park project is the biggest investment Summerset has made in Auckland to date.
Summerset Purchases Third Christchurch Site
Summerset today announced it has purchased land to build its third Christchurch retirement village in the suburb of Avonhead.
Summerset CEO Julian Cook said the 9.5ha property on Hawthornden Road was close to the Russley Golf Course and other recreational areas, and would be a welcome addition to Summerset’s growing presence in Christchurch City.
“We are thrilled to be able to secure this land to provide our third high quality retirement village and care services to the people of Christchurch,” said Mr Cook. “Our Wigram village has been one of our fastest selling villages ever. We are working on the final villa stages now and these will be complete next year. This will mark a three year sell down for the village. We are also seeing strong enquiry for our Casebrook village, currently under construction. We expect the Avonhead village will be a popular location for many Canterbury retirees to make their homes.”
Summerset Achieves 50% Growth in Underlying Profit
Summerset Group Holdings Limited has announced an underlying profit of $56.6 million for the year ending 31 December 2016, up 50% on the previous year. Annual growth in underlying profit has averaged 48% in the five years since listing in November 2011.
The result indicates the continued growth being experienced by the retirement village developer and operator as it expands its offering throughout New Zealand.
Andrew Wong Joins the Summerset Board
Summerset Group Holdings Limited is pleased to announce the appointment of Dr Andrew Wong to the Board of Directors. Dr Wong is registered with the New Zealand Medical Council as a Public Health Medicine specialist.
Dr Wong is currently Managing Director of MercyAscot Hospital Group and Healthcare Holdings Limited and is a director of a number of medical organisations. These organisations cover a diverse range of areas such as surgical hospitals, day surgeries, diagnostic radiology and cancer care.
4Q16 Metrics - Sales of Occupation Rights
Summerset Group achieved 156 sales for the quarter ending 31 December 2016, comprising 106 new sales and 50 resales. This brings the full year sales result for 2016 to 658 occupation right sales, up 14% on the prior year.
Summerset CEO Julian Cook said total sales for the year were the highest ever achieved across the group. “New sales for 2016 were 24% higher than the prior year which is a very pleasing result. This reflects the uplift in build rate from 300 retirement units in 2015 to just over 400 retirement units in 2016.
Dementia Centre Opening
Summerset today opened its first dementia centre within its Levin village.
Summerset Chief Executive Julian Cook said the company was delighted to be able to provide dementia care in a 20 room purpose-built centre. “We are really proud of what we have to offer people living with dementia,” Mr Cook said.
“The centre has 10 care rooms and 10 one bedroom apartments, complete with kitchenette and living area. It will be a safe, homely environment for residents modelled on international design standards for dementia care.”
“This is the first dementia centre in New Zealand to offer this type of apartment style living, giving residents the choice to live in a larger home if they prefer.”
3Q16 Metrics – Sales of Occupation Rights
Summerset Group achieved 196 sales for the quarter ending 30 September 2016, comprising 125 new sales and 71 resales.
Summerset CEO Julian Cook said total sales for the quarter were the highest ever achieved across the group.
“Sales in the third quarter were 21% higher than the same period last year. New sales reached a high for the group with 125 sales achieved across the last three months.
Summerset opens new Wigram village
Summerset’s first Christchurch retirement village opened in Wigram today.
Summerset Chief Executive Julian Cook said the company was excited to be in Christchurch. “Being part of the city’s rebuild and local community is fantastic and it’s such a privilege to be able to bring our lifestyle offering to Christchurch,” said Mr Cook.
Summerset achieves record half year profit
Summerset Group Holdings Limited has announced an underlying profit of NZ$24.7 million for the half year to 30 June 2016, up 44% on the same period last year.
This continues Summerset’s strong profit growth since listing in 2011, delivering annual growth of 44% on average every year since.
Summerset CEO Julian Cook said the result was a record for any half year period for the group and strengthened its position as the fastest growing retirement village provider in New Zealand. “The company has experienced a strong six month period with increased sales and number of homes delivered, particularly during the second quarter where we delivered the highest number of quarterly sales in the company’s history,” he said. Read the full media release here
Summerset welcomes Gráinne Troute to Board
Summerset Group Holdings Limited is pleased to announce the appointment of Gráinne Troute to the Board of Directors.
Ms Troute is currently a director of Tourism Holdings Limited and is General Manager Corporate Services at SKYCITY Entertainment Group, where she has been for eight years. Ms Troute was previously at McDonald’s Restaurants NZ for 14 years in senior executive roles, the last three of which she was the Managing Director for New Zealand.
Summerset Chairman Rob Campbell said Ms Troute brings a wealth of experience to the Summerset board. “Gráinne’s expertise in operating customer-focused businesses in highly competitive sectors will be very beneficial for Summerset and we look forward to her contribution.” Read the full media release here.
Summerset buys second site in the Nelson region
Summerset today announced the purchase of a new site in Richmond where it plans to develop a retirement village that will become home to around 400 people. The village will be made up of approximately 280 retirement units made up of a mix of villas, townhouses and serviced apartments, and a care centre which will include rest home, hospital and dementia care.
In the spacious village centre residents will be able to enjoy a range of recreational facilities including a theatre, hair salon, health and wellbeing space, residents’ bar, library and nearby pool. Family, friends and residents will also be able to catch up over coffee and snacks in the Divine Café, which will be open to the public.
The 8.0 hectare site is located 3.5 kilometres from Richmond’s town centre and will complement Summerset’s existing village in Nelson, Summerset in the Sun, located 4.5 kilometres away in Stoke.
CEO Julian Cook said, “We’re excited to be bringing one of our retirement communities to the very desirable Richmond area, and to the wider Nelson Region. Richmond has a great climate, outdoor attractions and wineries, plus it’s also one of the fastest growing areas in New Zealand.” Read the full media release here.
Summerset opens new village centre at Hobsonville
Today Summerset held the official opening of the new village centre for Summerset at Monterey Park in Hobsonville.
The building was opened by Summerset CEO Julian Cook and Member of Parliament (MP) for Upper Harbour, the Hon Paula Bennett.
At the official opening for residents, staff and invited guests, Mr Cook said he was delighted that residents and their family and friends were now able to enjoy many of the facilities available at Summerset villages. Read the full media release here.
Summerset releases Financial Results
Today we announced our 2015 Financial Results with an underlying profit of NZ$37.8 million, a 55% increase on profit from the previous year.
The result reflects continued momentum for the company which benefited from strong sales across its nationwide network of villages and an increase in resales of occupation rights.
Net profit after tax for FY15 was NZ$84.2 million, 56% higher than FY14. This figure includes unrealised valuation gains in the fair value of investment properties, land and buildings. The company’s total asset value increased by 31% to NZ$1.36 billion, up from NZ$1.04 billion in 2014. The development margin on new retirement units also increased to 20.0% in 2015, up from 15.7% in the prior year.
Summerset CEO Julian Cook said that the company’s financial performance reflected Summerset’s continued focus on expansion across New Zealand and delivering on its core focus of bringing the best of life to older New Zealanders. Read more
Summerset purchases new site in Hamilton
Summerset today announced the purchase of a new site located in the Northern suburbs of Hamilton.
The 6.3 hectare site is situated in one of the leading suburbs of Hamilton, Rototuna. Summerset CEO Julian Cook said that the site is a prime location for high quality retirement village living.
“Rototuna has been one of the primary areas of housing development in Hamilton. It has high quality housing and is well serviced in terms of shopping and other residential services.”
Summerset intends to build around 270 homes including villas, townhouses and care apartments. The village will also provide a care centre offering the full continuum of care for those requiring more support.
Summerset opens village centre for New Plymouth
Retirement village operator Summerset has officially opened a new village centre in its New Plymouth village, Summerset Mountain View.
Eight care apartments and 28 care rooms are now available, with a further 12 care apartments and 24 care rooms on track to be completed by the end of 2016. The new care centre offers the full suite of care services, including rest home and hospital-level care, as well as respite and day care.
The new centre will also provide residents with facilities such as an indoor pool, exercise room, residents’ bar, all-weather bowling green, residents’ workshop, communal vegetable garden, and a Divine café.
The building was opened by Summerset CEO Julian Cook and New Plymouth Mayor, Andrew Judd. Residents and guests were entertained by the Vogeltown School Kapa Haka group, followed by their Choir who were accompanied by a ukulele group.
Summerset CEO Julian Cook, said that he was proud to open the new facility for residents. Read the full media release here
Village Centre opens for Summerset at Karaka
Summerset today announced the opening of a village centre for Summerset at Karaka. The NZ$7.5 million centre completes another development phase for the Counties-Manukau based village.
The building was opened by Summerset CEO Julian Cook and Auckland Councillor, the Hon Christine Fletcher QSO. The opening was also attended by the Hon Judith Collins, the Member of Parliament for Papakura.
In his opening address to residents, staff and invited guests, Mr Cook said he was thrilled to be bringing the full range of facilities to Summerset’s Karaka residents. Read the full media release here
Resource Consent Granted for Second Christchurch Village
A $100 million retirement village is to be built in Christchurch after Summerset received resource consent for its Casebrook village, adjacent to Cavendish Road in the north of the city.
The village will comprise around 237 homes, including a range of two and three-bedroom villas and care apartments. A 49-bed care centre will provide rest home and hospital-level care.
The 9.7ha Casebrook village will offer residents the full range of living and care options from independent living right through to hospital-level care. Summerset’s care apartments will allow residents to access a range of care options from support packages right up to DHB certified rest home care in their own apartment. Communal facilities including a café, library, hair salon and gymnasium, and an indoor swimming pool will also be available.
Construction will commence in early 2017, with first homes available later in the year. Read the full release here.
Summerset opens Care Centre and Care Apartments in Bay of Plenty Village
Retirement village operator Summerset has officially opened its new $4 million care centre and care apartments in its waterfront village in Katikati, Bay of Plenty. 10 care apartments and 30 care beds are now available, with a further 10 care apartments and 19 care beds on track to be completed by the end of 2016.
The new care centre offers the full suite of care services, including rest home and hospital-level care, as well as respite and day care. The care centre was officially opened by Western Bay of Plenty District Council Deputy Mayor Gwenda Merriman today (18th September).
Summerset CEO Julian Cook said the completion of the new units follows the opening of a $5 million village centre in November 2014.
Summerset Financial Results for the Half Year Ended 30 June 2015
Retirement village operator Summerset Group Holdings Limited has announced underlying profit of NZ$17.1 million for the half year to 30 June, up 81% on the same period last year.
Net profit after tax for the first half of 2015 was NZ$35.7 million, an increase of 134% on the same period last year. This figure includes unrealised valuation gains of NZ$17.6 million in the fair value of investment properties, land and buildings. Read the full release here
Summerset acquires new site in Auckland’s Eastern Suburbs
Summerset has acquired an interest in a new site at St John’s in Auckland’s sought-after Eastern Suburbs.
The picturesque 2.5ha site is positioned on St John’s Road with views out towards Auckland’s central city and Rangitoto Island. Known as Parsons’ Paddock, the site adjoins the St John the Evangelist Theological College and a bush reserve.
Located in the long-established and popular suburb of St John’s, the site enjoys close proximity to the Meadowbank Shopping Centre, Remuera Golf Course and numerous other amenities.
CEO Julian Cook said, “We are delighted to have acquired an interest in this landmark site and look forward to providing retirement village and care services to the area. We expect there to be significant interest in this high quality, modern development.” Read the full release here.
Summerset buys land to extend the village in Warkworth
Summerset has purchased land adjacent to its existing village in Warkworth.
The acquisition of the 2.4ha section at Woodcocks Road will enable the company to build an additional 77 retirement units at the Summerset Falls village, which is currently home to 220 residents. The current village is close to completion with a care apartment building due for completion next year.
Julian Cook, chief executive of Summerset, said, “We have experienced very strong interest in the Warkworth area. With its excellent riverfront location and high quality of development, the village has proved extremely popular with the residents in Warkworth’s thriving local community. Read full release here.
Retirement village and aged care operator Summerset Group today announced underlying profit for the 2014 financial year of NZ$24.4 million, a record for the company.
The 10% increase on the prior year reflects another year of continued strong growth for the company, which has 20 villages across New Zealand, as well as three quality land sites.
Net profit after tax for FY14 was NZ$54.2 million, 58% higher than FY13. This figure includes unrealised valuation gains in the fair value of investment properties and land and buildings.
The value of the company’s total assets has grown 23% to NZ$1.0 billion, up from NZ$845 million in 2013, reflecting the significant growth in the business.
Chief Executive Officer Julian Cook said 2014 was a year of investment in future growth. Read the full release here
Christchurch home of Summerset's 20th Village
Summerset has been granted resource consent to build a NZ$80 million retirement village in Wigram, Christchurch, which will see the company achieve a long-held goal.
The village will be the company’s first in Christchurch, and will be Summerset’s 20th village nationwide.
CEO Julian Cook said, “It’s taken us 17 years to reach this goal. We also reached the goal of 2000 units nationwide this year. This was another special milestone for us. Our growth has been driven by listening to what our customers really want, and has resulted in us winning Best Retirement Village Operator in New Zealand and Australia four times in a row. Read full release here
Summerset opens $5 million village centre in Bay of Plenty
Retirement village operator Summerset celebrated the coming of age of its waterfront Kaikati village, with the opening of a NZ$5 million villabe centre today.
The building was opened by Summerset CEO Julian Cook and Western Bay of Plenty Deputy Mayor Gwenda Merriman.
The Village Centre is home to recreational facilities such as a spa, lounges, hair salon, bowling green and more. The village’s Divine Café is open to the public. Read full release here
Summerset unveils plans for NZ$55 million retirement villlage in New Plymouth
Summerset has released plans for its Vogeltown, New Plymouth retirement village, which will eventually become home to more than 240 people. The first 14 homes will be completed next month and residents are expected to move in before Christmas.
Summerset CEO Julian Cook said, “This village is going to provide older people in the community with much-needed homes that are built with their care and needs in mind. The village will also feature many facilities that help residents enjoy their retirement, socialise with their neighbours, and continue their active lives. It will have amenities such as an indoor pool, exercise room, residents’ bar, all-weather bowling green, residents’ workshop, communal vegetable garden, and a café. Read full release here
Summerset growth remains strong
Summerset Group Holdings Limited has announced its interim 2014 results, which show the retirement village operator progressing well with openings of new villages and care facilities around the country.
CEO Julian Cook said, “The business is trading well and we are investing in three new village openings this year. Karaka and Hobsonville have just opened and we are on track to open our New Plymouth village later in 2014. We are seeing good demand for homes in these villages, and they will all contribute to settlements over the second half of 2014 as residents move in.”
The company’s net profit after tax for 1H14 was NZ$15.3 million, an increase of 42% in 1H13.
Total assets increased over the last 12 months by NZ$157m, and are 21% higher than 1H13. Over the last three years the total assets of the company have grown by 69%.
Summerset to build NZ$130 million village in Ellerslie
Summerset has been granted resource consent to build a NZ$130 million retirement village in a much sought-after location in central Auckland. The proposed village, situated on Harrison Road, Ellerslie, will create homes for some 400 people.
The 3.8 hectare village will consist of 250 homes including townhouses, villas and apartments, as well as care apartments where residents can receive rest home-level care in their own homes.
Summerset CEO Julian Cook said, “This village is going to provide older people in the community with much-needed homes that are built with their care and needs in mind. The village will also feature many facilities that help residents enjoy their retirement, socialise with their neighbours, and continue their active lives.
“Ellerslie is currently underserved from a retirement village perspective. This village will be an important addition to the community. People won’t have to move away to enjoy top quality retirement village living, and neither will they have to leave their community should their needs change.”
Auction bidding puts fun in fundraising
A charity auction at a Nelson retirement village is expected to raise around $2000 for the Nelson Region Hospice Trust. A luncheon for 100 yesterday at Summerset in the Sun retirement village in Stoke had bidders outdoing each other for the $500 worth of goods donated by businesses in Stoke for the mystery auction. By yesterday afternoon proceeds from the auction had reached $1600 and was expected to reach $2000 by the final count, the village sales manager Carol Pitman said.
$250 for animal rescue
Residents at the care centre at Summerset by the Ranges, Levin hold an annual animal welfare fundraiser. This year, through raffles, knitting and selling dog coats and other activities they raised $250 that was donated to Mrs Puketapu's animal rescue organisation.
Trees grow environmental awareness
In an important step forward for the promotion of environmental awareness in the town, Katikati College has joined the Trees for Survival (TFS) charitable trust.
Founded 20 years ago, the trust Is in 140 New Zealand schools, providing them with a total of 75,000 native trees a year.
Summerset supports this initiative with Katikati College, read more about what the Katikati Advertiser wrote about what college is doing here.
Summerset boss's challenge: to live and let live
Julian Cook lives with more than 2900 people. And most of them can be pretty frank about what he is like to live with, as they seek to enjoy the last part of their lives, rather than have him tell them what to do.
But for Cook, the new chief executive of retirement village and aged-care operator Summerset, simply enabling the ever-growing retirement-age demographic to live their lives is what sets his business apart.
At the same time, he realises the company's biggest challenge is its own ability to grow, while maintaining this core philosophy.
Summerset Opens $15 million Village Centre in Dunedin
Summerset today opened a $15 million Village Centre at its Dunedin village, a significant step for the retirement village operator’s first Otago site.
Summerset CEO Julian Cook was thrilled to be opening the Village Centre. “This building is the heart of the village and the centre of the community. The opening of this Village Centre signals Summerset is coming of age.”
The Village Centre features amenities such as a cafe, resident bar and social areas, hairdressing salon, exercise room, library and IT suite, an all-weather bowling green and indoor spa pool.
It also houses the village’s 41-bed Care Centre, and 20 care apartments where residents can receive DHB-certified rest home-level care in their own homes.
Summerset buys land to extend village in Auckland
Retirement village operator Summerset has bought land adjoining its existing village in Karaka, which will see the village’s footprint almost double, CEO Julian Cook said at the company’s Annual Meeting today.
The purchase will help the company’s growth as it anticipates bigger deliveries of retirement units, care apartments and care beds at multiple sites Mr Cook said.
Summerset will build around 250 retirement units this year, rising to 300 retirement units in 2015. Summerset built 209 retirement units in 2013.
The land purchase at Karaka, in the Auckland region, will add to Summerset’s considerable land bank. Last year, land purchases New Plymouth, Lower Hutt, Trentham, Casebrook and Wigram boosted the company’s land bank.