NZX listed Metlifecare has announced it will invest $180 million in a new village on land it has offered to buy near the waterfront at Beachlands by Pine Harbour in Auckland's southeast.
Glen Sowry, chief executive, said the village would be on Karaka Rd, a 35-minute ferry ride from downtown Auckland. Retirees would be able to get into the city for free, he said in a video released by the business.
"The ferry service, which is free to SuperGold Card off-peak travellers, now has 20 sailings per day to Auckland's CBD," Sowry said.
"Metlifecare plans to invest around $180 million, including care and common costs, developing the site, which is a short walk from the Pine Harbour Marina and opposite the Formosa Golf Course. When completed the village will offer more than 210 independent living units and care beds," a company statement said today.
Licenses to occupy will start from $600,000 and go up to more than $1m, the business said.
Design and consenting work will start immediately, Sowry said.
"The village is expected to be built over approximately four years, with site works set to commence in early 2019 and the first stage planned for completion by early 2020. Our village design provides for staging flexibility, with construction able to be accelerated according to demand," Sowry said.
Settlement on the land is expected in August.
The new site would boost Metlifecare's development pipeline to just under 2000 units and beds across its 24 villages and five greenfield sites.
The company plans to deliver 254 new retirement units and care beds in the June 30, 2018 financial year.