New Zealand's second largest NZX listed retirement village business has just opened a big new Auckland retirement village which will eventually have 430 new residences.
Glen Sowry, Metlifecare chief executive, said the first two stages of the new Greenwich Gardens in Unsworth Heights on the North Shore were now completed.
However much more development work is planned.
Villas and apartments have been developed and new serviced apartments will be completed during the coming year, Sowry said.
A care home will also be built to provide hospital-level care for up to 48 people. Sowry said once a "significant number" of apartments are finished, the new village would be one of New Zealand's largest.
Metlifecare, second only to Ryman Healthcare, has made significant new investment on the North Shore.
"This area is continuing to grow and age," Sowry said. "The population of the Upper Harbour area is projected to grow by around 29 per cent in the next 10 years but within that, the over-65 age group is projected to grow by 73 per cent.
As local residents move into our 430 new dwellings, they will be freeing up their homes to help accommodate Auckland's Growth."
Metlifecare is also developing The Orchards in Glenfield.
The company was established in 1984, owns and operates 24 villages.
Its investments are primarily in what is calls "high-value high-growth regions" throughout the upper North Island.