Monday 23 May 2016 09:31 AM
Summerset buys land for second Nelson retirement village
By Sophie Boot
May 23 (BusinessDesk) - Summerset Group plans to build a second retirement village in Nelson after buying an
eight-hectare site in Richmond.
The Wellington-based company intends to build a 280-unit village on the site, adding to its existing village in
neighbouring suburb Stoke. Summerset estimates Nelson's over-75 population will more than double by 2033. No price was
disclosed for the purchase.
“Our existing village in the Nelson suburb of Stoke is our largest village to date, and has been one of our fastest
growing," chief executive Julian Cook said in a statement. "This village is nearly complete and with the strong
continued interest we are seeing we are pleased to be able to provide additional high quality, contemporary retirement
village living and care options to meet the growing local demand for both the Tasman District and Nelson City areas.”
Summerset has been acquiring land and accelerating its construction rate as the 'baby boomer' generation enters
retirement age, with expansion plans underway in Auckland and Christchurch. In April, Cook said the company aimed to
double its national footprint over the next six years as it develops sites at Wigram, Warkworth, Hobsonville and
Trentham, and prepares to open a new village at Ellerslie toward the end of the year.
In February, it purchased a second site in Hamilton, in the suburb of Rototuna. The Richmond site is Summerset’s fifth
location in the South Island, bringing the total number of sites to 27 nationwide.
The shares last traded at $4.68 and have gained 15 percent so far this year.
(BusinessDesk)
ends