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- Release Date: 17/02/14 10:49
- Summary: GENERAL: SUM: Summerset Invests NZ$500M in Auckland Developments
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SUM
17/02/2014 08:49
GENERAL
REL: 0849 HRS Summerset Group Holdings Limited
GENERAL: SUM: Summerset Invests NZ$500M in Auckland Developments
NZX, ASX AND MEDIA RELEASE
17 February 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. The figure was revealed on Saturday 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 CEO Norah Barlow said the affordability and availability of housing
in Auckland is something both the Government and Council are working to
address. "We support both Council and Government's policies such as the
Housing Accord, which will encourage development to help address the shortage
of housing in Auckland.
"In our five Auckland villages we will spend a total of NZ$500 million, and
create homes for some 1300 people. We've built a village at Manukau, and are
close to completing our Warkworth village. Now we're commencing work on our
Karaka village and look forward to construction starting on our Hobsonville
village. We are working with Council and looking to finalise resource consent
to commence our Ellerslie village as soon as possible."
Summerset's Auckland villages will free up existing homes for younger
families. This will assist Auckland Council's stated goals of providing a
range of housing options and increasing affordability.
Plans for the 7.6 hectare Hobsonville village include approximately 225 homes
comprising villas, apartments, and care apartments, and a 90-bed care centre
providing rest home and hospital-level care. The site has 180-degree views of
Waitemata Harbour out to Herald Island. The village will be named Summerset
at Monterey Park after the tourist theme park that previously occupied the
site.
Summerset CEO-designate Julian Cook said, "This village is going to be an
asset for the community and for wider Auckland. We look forward to
contributing to the growth of Hobsonville which is on its way to becoming a
vibrant part of the city, and to the city as a whole as our developments
progress.
"In our experience, many of the people moving into retirement villages are
down-sizing from three and four bedroom family homes. This frees up homes in
the community for younger families.
"Our villages also support the ageing population, who require safe, secure
housing that is designed for their needs. Demand for our villages across the
city shows there's a real need for this kind of housing."
ENDS
For investor relations enquiries:
Julian Cook
Chief Financial Officer
[email protected]
04 894 7310 or 029 894 7310
For media enquiries:
Kimberley Rothwell
[email protected]
04 894 6993 or 027 601 2001
End CA:00247047 For:SUM Type:GENERAL Time:2014-02-17 08:49:29
