Ann: GENERAL: ARV: Three Resource Consents Lodged

• Release Date: 24/09/15 14:33
• Summary: GENERAL: ARV: Three Resource Consents Lodged
• Price Sensitive: No
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					ARV
24/09/2015 14:33
GENERAL
PRICE SENSITIVE
REL: 1433 HRS Arvida Group Limited (NS)

GENERAL: ARV: Three Resource Consents Lodged

Arvida Group Limited ("Arvida") is pleased to confirm that it has now lodged
resource consents for three brownfield developments.  These include:

1. A significant extension for the Park Lane Retirement Village in
Christchurch, which includes the building of an additional 78 independent
living apartments plus some outwardly facing common and community facilities.

2. The addition of 31 independent living apartments and 40 care beds at
Rhodes on Cashmere in Christchurch.

3. A further 24 new independent living apartments at the recently acquired
Aria Bay Retirement Village in Auckland.

Investment decision approval for these three developments is pending final
planning, feasibility and consents. Current assumptions anticipate actual
development activity commencing in the first half of the next calendar year.

In addition to these consents:

1. The construction of an additional 10 independent living apartments at
Glenbrae in the Bay of Plenty is progressing to schedule, with delivery
targeted in this financial year.

2. A heads of agreement to acquire a development site adjoining the Oakwoods
Village in Nelson has been negotiated. This site, in conjunction with an
existing parcel of bare land, will allow for the construction of a further 20
independent villas.  Development planning is currently underway.

These brownfield development opportunities represent a roll out of over 200
new units or beds over the next 2-3 years. The works will build the internal
development capacity and be value accretive to the business over time.

- ENDS -
End CA:00270698 For:ARV    Type:GENERAL    Time:2015-09-24 14:33:36