Ann: ASSET: SUM: Summerset Purchases New Site in Parnell, Auckland

• Release Date: 28/07/15 08:36
• Summary: ASSET: SUM: Summerset Purchases New Site in Parnell, Auckland
• Price Sensitive: No
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					SUM
28/07/2015 08:36
ASSET
NOT PRICE SENSITIVE
REL: 0836 HRS Summerset Group Holdings Limited

ASSET: SUM: Summerset Purchases New Site in Parnell, Auckland

NZX, ASX AND MEDIA RELEASE

28 JULY 2015

SUMMERSET PURCHASES NEW SITE IN PARNELL, AUCKLAND

Retirement village operator Summerset has purchased a 2.3ha site next to the
Auckland Domain in Parnell, Auckland.

Located at 23 Cheshire Street, Parnell, this site is in one of Auckland's
most attractive suburbs and has views to the city.  It is adjacent to the
Auckland Domain and is located 200 metres from the shops and restaurants of
Parnell Rise.

Purchased from KiwiRail, the site is next to the Parnell Station, which will
provide future residents and their families easy transport access over
Auckland's rail network.

"We plan to build one of Auckland's premier retirement villages in what is a
fantastic location," Summerset CEO Julian Cook said.

"It is not often that sites of such quality become available and it is great
to secure this and develop what will be a very special village. The closeness
to Parnell's shopping and restaurants, and the views and walking tracks into
the Auckland Domain, will be great for residents. The public transport links
will also, I'm sure, be regularly used by residents and their families.

"There are currently around 9,000 people aged over 75 within five kilometres
of this location. This is forecast to almost double to around 17,000 by 2031.
The area is currently under-served in terms of retirement village living and
care options and this development will provide important choices for these
people.

The purchase of the Parnell site marks Summerset's seventh site in the
Auckland region. It follows last week's announcements of acquisitions of
another two Auckland sites: a new site in St Johns and a site adjacent to its
existing village in Warkworth.

Mr Cook said, "The St Johns and Parnell sites will form two of the premier
villages servicing Auckland's Eastern Suburbs and we believe they are very
complementary. These high quality sites are great additions to Summerset's
existing group of villages.

"We are a firmly nationwide retirement village operator but Auckland is a big
part of our focus, and we are seeing growing interest in all of our Auckland
villages. Our completed Manukau village has a strong waiting list and we
continue to build more retirement units in our Karaka and Hobsonville
villages. Next year we will open our Ellerslie village. The additional land
beside our Warkworth village will assist in meeting the strong interest we
see there."

While demand is strong in Auckland, sales across the rest of the country are
also high, with Summerset recently releasing record sales of occupation
rights for the six-month period ended 30 June 2015.

ENDS

For investor relations enquiries:

Scott Scoullar
Chief Financial Officer
[email protected]
04 894 7320 or 029 894 7317

For media enquiries:

Katy Sweetman
Senior Communications and Marketing Advisor
[email protected]
04 894 6993 or 0-27 601 2001
End CA:00267507 For:SUM    Type:ASSET      Time:2015-07-28 08:36:59