The new Ōtau Ridge retirement village rest home and hospital at Clevedon, Auckland is set to open in September 2025. Photo / Metlifecare
The new Ōtau Ridge retirement village rest home and hospital at Clevedon, Auckland is set to open in September 2025. Photo / Metlifecare
Privately-owned $6.3 billion national retirement village company Metlifecare is opening a new rest home and hospital at its $185 million Ōtau Ridge village at Clevedon, Auckland.
A Metlifecare spokeswoman said the company would open the $35m, 41-bed hospital next month.
Independent villas have been occupied for more than a yearat the village.
Rooms in the new Metlifecare building are unusual because they can accommodate couples.
“It’s early days, so one care suite at Ōtau Ridge is currently under contract application, however, we are receiving steady inquiries ahead of its opening in mid-September,” the spokeswoman said.
In its 2024 annual report, the company said it had 36 New Zealand villages, housing 7000 residents. Of those 36 villages, 24 have rest homes or hospitals on the site.
Ōtau Ridge, a new retirement village built at Clevedon, Auckland. This property is to open in September 2025. This photo shows the exterior of the new care home and hospital on the site. Photo / Metlifecare
Metlifecare has properties mainly located in the North Island.
It has South Island villages in Blenheim and Christchurch and a greenfields site at Wānaka.
In the year to June 30, 2024, the company made total income of $95.1m and a net after-tax profit of $53.1m.
That included a $135m gain on investment property, compared to the 2023 gain of $82.4m.
Total assets increased by $734.6m from 2023 to 2024 to total $6.371b.
Gasparich and chairman Paul McClintock wrote that was due to rising valuations, as well as Metlifecare delivering more units and developing new villages.
Rising asset values were also due to the company buying the Springlands village in Blenheim.
Inside the communal area of the hospital and rest home at Ōtau Ridge. Photo / Metlifecare
At Clevedon, buyers of independent villas are being offered a bonus: a $30,000 cash-back there, at Pōhutakawa Landing, Beachlands or at Longford Park, Takanini.
Many retirement villages are struggling to sell new stock because of the housing market downturn.
Metlifecare is asking $700,000 for a two-bedroom Clevedon villa and $1.48m for a three-bedroom villa with two bathrooms and a single garage.
“Demand for high-quality residential care continues to grow nationwide, even as some operators scale back or exit the aged care sector. Metlifecare is one of the few major players continuing to expand,” the spokeswoman said.
Care suites are bought on a clinical-needs basis, driven by a resident’s increasing care requirements, and thus are not affected by the subdued housing market, she said.
Metlifecare CEO Earl Gasparich. Photo / NZME
Rival operator Ryman Healthcare decided to sell some properties, delay construction of new villages partway into the building process or defer plans to expand elsewhere.
Since 2021, Metlifecare has expanded its aged care capacity from 400 beds to 1177 care beds and suites.
“We have more than doubled the number of villages offering co-located care since 2021 and introduced a new premium care suite offering, which we will continue to expand in the years ahead,” the spokeswoman said.
The company had either built new care suites as part of its new developments or converted serviced apartments in existing villages.
In some cases, this has meant a village community now has access and the choice of on-site aged residential care for the first time.
Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.
