SUM
20/07/2015 08:35
ASSET
NOT PRICE SENSITIVE
REL: 0835 HRS Summerset Group Holdings Limited
ASSET: SUM: Summerset Buys Land to Extend Village in Warkworth
NZX & ASX RELEASE
20 JULY 2015
SUMMERSET BUYS LAND TO EXTEND VILLAGE IN WARKWORTH
Retirement village operator Summerset has purchased land adjacent to its
existing village in Warkworth.
The acquisition of the 2.4ha section at Woodcocks Road will enable the
company to build an additional 77 retirement units at the Summerset Falls
village, which is currently home to 220 residents. The current village is
close to completion with a care apartment building due for completion next
year.
Julian Cook, chief executive of Summerset, said, "We have experienced very
strong interest in the Warkworth area. With its excellent riverfront location
and high quality of development, the village has proved extremely popular
with the residents in Warkworth's thriving local community.
"With the purchase of this land, we will be able to extend our village and
provide more retirement village living options to the wider Warkworth
community."
The land sits within the area known as Stockyard Falls, to the western side
of Warkworth and south of Summerset's existing site. Summerset will be
undertaking a resource consent application in order to develop the land. Once
consent is obtained, Summerset expects to commence work on the extension
immediately.
In early July 2015, Summerset released earnings guidance alongside its second
quarter sales metrics, indicating that underlying profit for the year ended
31 December 2015 is forecast to be in the range of NZ$32 - NZ$34 million. The
company is on target to deliver 300 retirement units across its 20 villages
in 2015, and to exceed 300 units in 2016 and beyond.
Summerset's half year financial results will be released on 11 August 2015.
The company continues to look for additional sites across the country.
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 027 601 2001
End CA:00267157 For:SUM Type:ASSET Time:2015-07-20 08:35:53
