Metlife buys fourth site on Auckland's North Shore

Metlife buys Clymonts Road site, fourth property purchase on Auckland's North Shore

By Suze Metherell

Oct. 7 (BusinessDesk) - Metlifecare, the retirement village operator, has entered into a conditional agreement to buy land in Auckland's North Shore for an undisclosed sum as part of its proposed $300 million village project.

The Auckland-based company has bought a 3 hectare, or 12,141 metre site, on McClymonts Road in Albany, marking its 17th village in the wider-Auckland region, it said in a statement. This is the retirement village operator's third land acquisition following conditional purchases of greenfield sites at Red Beach and within Manukau Golf Course.

Retirement village companies are acquiring land and preparing for a record building spree in anticipation of increased demand as people born in New Zealand's post-war era start to reach the target age for operators.

The proposed village would be Metlifecare’s fourth village on Auckland’s North Shore. The total development pipeline is likely to grow by over 500 units and care beds lifting the total development pipeline in excess of 2,580 units and beds, it said.

In August, the company reported annual profit rose 78 percent to $122.7 million after its properties jumped in value.

Metlifecare’s shares rose 0.2 percent to $4.25 and have fallen 9.8 percent since the start of the year.

(BusinessDesk)

© Scoop Media