Summerset Group says it has been given the green light by the Environment Court to build its proposed retirement village in St Johns, Auckland and that it has bought land in the Selwyn district southwest of Christchurch for a new site.
The retirement village operator says there were no appeals to the Environment Court decision and that St Johns is a mature suburb with very few retirement or aged care options.
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"We are looking forward to providing the eastern suburbs with a beautifully designed retirement village which is complementary to the distinction and character of the neighbourhood," says chief executive Julian Cook.
The new village will provide a home to more than 400 residents and the company already has more than 200 people in its database interested in the new village so it knows the demand exists, Cook says.
The village will offer the full continuum of care from independent living to rest home and hospital care and will have a purpose-built dementia centre.
It will comprise two to six-storey buildings bordering St Johns Bush and St Johns Theological College and will provide expansive views over Auckland City and Rangitoto at the higher levels.
Summerset already operates five villages in the Auckland region and another two are in the planning stages.
The land in Prebbleton in the Selwyn district is nine hectares and located 400 metres from the local shops and close to public transport routes into Lincoln and Christchurch.
Summerset is planning to provide about 290 homes including two- and three-bedroom villas, apartments, and care facilities including a dementia centre on the site at a cost of more than $150 million.
Cook says the number of people aged 75 and older in the surrounding district is forecast to increase by 80 per cent over the next decade from 4,300 currently.
Summerset already operates three retirement villages in Christchurch.
The shares closed at $7.55 yesterday, and have gained 18.5 per cent so far this year.