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.”
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.
Plans for extension to Trentham retirement village revealed
Retirement village operator Summerset has revealed plans for its $50 million extension to an existing village in Trentham.
The Wellington-based company bought the 5.3ha site adjoining its Trentham village in August last year.
The village currently has 124 homes including villas, townhouses and care apartments, and a 41-bed care centre. It is home to more than 200 residents.
The first stage of new building will comprise villas and townhouses. Earthworks will start in April, and these 22 homes should be completed by spring 2014.
Summerset invests NZ$500 million in Auckland developments
Retirement village operator Summerset will have spent NZ$500 million on developments in Auckland by the time it completes its three latest villages in the city, and will have generated more than 1750 jobs during the construction phase (one-year full-time equivalents) and 180 ongoing jobs.
The figures were revealed today at the launch of the company’s Hobsonville village, where the public got their first chance to see what the NZ$120 million waterfront development will look like.
MP Paula Bennett attended the event and welcomed the new development.
“This development is a fantastic addition for the community, and will provide great support for our older people, who’ll have access to accommodation built specifically for their needs,” Mrs Bennett said.
Summerset gets green light for NZ$55 million village in New Plymouth
Summerset has been granted resource consent to build a NZ$55 million retirement village at its site on Carrington Road, New Plymouth.
The 4ha village, will be Summerset’s first village in the Taranaki region. The village has a rural outlook towards Mt Taranaki. This picturesque flat site is located for excellent sun.
Summerset CEO Norah Barlow said, “Summerset Mountain View will have a unique feel to it. There’s no other location in the country with a view that’s as instantly recognisable. It’s only a 10 minute drive from town, and five minutes from beautiful Pukekura Park.”
The company intends to build around 150 homes on the 4ha site. The village will have townhouses and villas for independent living, and care apartments and care rooms for those with more advanced needs. Care integrated into a village in this way provides residents with certainty that should they require more care as their needs change, it is provided on site.