An Environment Court decision says parties have reached agreement on Summerset Group's planned Hobsonville retirement village on Auckland's north-western outskirts.
Summerset was appealing Auckland Council's refusal to grant consent for a $120 million retirement village.
The court said parties to the action had included the Herald Island Residents and RatepayersAssociation and the Hobsonville Land Company.
Summerset can now go ahead with its proposed village on 7.6ha of land where about 350 residents will live, after agreement was reached on a scheme which differed from the original proposal.
Norah Barlow, Summerset chief executive, said an amended design "met both the needs of Auckland Council's vision for the area and Summerset's retirement village proposals. This was successfully concluded in October with all previous appellants withdrawing and the Environment Court supporting the agreed proposal."
The court agreed to the compromise and construction on the first stage of the village, including townhouses and villas, would begin shortly, she said.
Summerset shares, which have advanced about 45 per cent this year as investors continued to warm to the retirement village sector, closed up 9c yesterday at $3.34.
Larger rival Ryman Healthcare has gained 67 per cent this year and Metlifecare is up 31 per cent. Additional reporting: BusinessDesk
