An elder-care business at the top of a hill is unusual. And if the business is on a leased property with one of the best views in Northland (and that's saying something),
investor interest shouldn't be hard to attract. |This is the unique Seaview Retirement Park, a hill-top complex at
Parua Bay.
The buildings and 1.5430 hectare bush-fringed site went on the market recently, listed with Colliers International.
First-time visitors gasp at the view looking down to Whangarei Heads and the Marsden Pt oil refinery and no one arrives on foot - the steep driveway and the rural location see to that.
The buildings are low-key and unpretentious,housing about 32 frail elderly men and women.
By all accounts the residents love the place, although the only way they can leave the lofty site is in a vehicle.
The 20-year lease has 13 years to run.
The site is in one title.|The business was owned by Radius Residential Care until earlier this year, when it was sold to Philippine-born New Zealand citizen Yves Flores, trading as Ideal Nurses Ltd.
The land and buildings are owned by Radius Properties Ltd. Radius Residential and Radius Properties were once linked but have been been completely separate entities for several years.
David Glenn, chief executive manager and a director of Radius Properties, says RPL is a corporate owner of eight large aged-care facilities with more than 60 hospital/rest homes.
"We have no problems with Seaview at all except that it much smaller than other properties in our portfolio. We are simply selling so we can buy a larger facility, which will be a better fit for our portfolio as a whole.
From the corporate point of view, bigger is better," he said. The owner/operator model might better suit an operation of this size, he said.
Radius big player
Former Seaview owner Radius Residential Care, New Zealand's fourth-largest rest home and hospital provider, still owns and operates three businesses in Whangarei - Radius Potter Home and Hospital, Radius Oakhaven Hosital, and Radius Lester Heights Hospital.
The company runs 21 rest homes and hospitals nationwide and one retirement village in Hamilton, and employs about 1200.
Aucklander Brian Cree controls the business with a 57 per cent stake. He bought out former majority shareholder Kuwait Finance House.