SUM
15/02/2016 08:50
ASSET
NOT PRICE SENSITIVE
REL: 0850 HRS Summerset Group Holdings Limited
ASSET: SUM: Summerset Purchases New Site in Hamilton
NZX, ASX AND MEDIA RELEASE
15 FEBRUARY 2016
SUMMERSET PURCHASES NEW SITE IN HAMILTON
Summerset today announced the purchase of a new site located in the Northern
suburbs of Hamilton.
The 6.3 hectare site is situated in one of the leading suburbs of Hamilton,
Rototuna. Summerset CEO Julian Cook said that the site is a prime location
for high quality retirement village living.
"Rototuna has been one of the primary areas of housing development in
Hamilton. It has high quality housing and is well serviced in terms of
shopping and other residential services."
Summerset intends to build over 270 homes including villas, townhouses and
care apartments. The village will also provide a care centre offering the
full continuum of care for those requiring more support.
Hamilton City is the third fastest growing urban area in New Zealand with an
overall population of around 142,000 as measured by the 2013 Census. There
are currently around 7,300 people aged over the age of 75, around 5% of the
current population. By 2033 this will increase to around 16,600, an increase
of 127%.
"We took a good look at the demographics for the region, in particular that
growth for the population over 75 years will increase markedly in the near
future. We also identified there are limited quality retirement living
options currently available in this area of Hamilton."
Summerset is already operating a retirement village in Hamilton which is home
to over 220 residents.
"We are really pleased with how our existing village has progressed since
opening in 2011. It has experienced strong demand and is almost complete.
The Rototuna site is located to the other side of Hamilton and will
complement our existing village well."
The new site takes the retirement village operator's total number of sites to
26. After achieving its build target of 300 retirement units in 2015,
Summerset is on track to deliver 400 retirement units across its 21
operational villages in 2016.
ENDS
For investor relations enquiries:
Scott Scoullar
Chief Financial Officer
[email protected]
04 894 7320 or 029 894 7317
For media enquiries:
Jen Murray
Head of Marketing and Communications
[email protected]
04 894 6993 or 027 601 2001
End CA:00277624 For:SUM Type:ASSET Time:2016-02-15 08:50:15
