Metlifecare plans to spend $240 million developing a new retirement village in Auckland's Hobsonville with the acquisition of waterfront land in the city's northwestern suburb.
Auckland-based Metlifecare anticipates the new village will have 300 living and care units, and said the conditions attached to the deal, which includes resource consent, will probably be met in the third quarter of next year.
The new village would take Metlifecare's portfolio to 28, and covers an area of Auckland that's "significantly underserved" by the sector, it said.
"Hobsonville Point has become a very desirable neighbourhood due to its accessibility, amenity and the quality of life that it offers its residents who can combine urban living with a waters-edge location," chief executive Glen Sowry said in a statement.
"Our projections show that, with the 75+ age demographic predicted to treble in size over the next 20 years, there will be strong and on-going demand."