Iwi board members, Classic Builders Lake District and Classic Life representatives celebrate the last completed villa at Lynmore Rise Retirement Village. From left are Rawiri Bhana, Carolyn Waugh, Stu Cheeseman, Matt Heke and Paul Taylor. Photo / Supplied
Iwi board members, Classic Builders Lake District and Classic Life representatives celebrate the last completed villa at Lynmore Rise Retirement Village. From left are Rawiri Bhana, Carolyn Waugh, Stu Cheeseman, Matt Heke and Paul Taylor. Photo / Supplied
A multimillion-dollar retirement village in Rotorua that has finished well ahead of schedule is being replicated across the road with the new development expected to start next year.
Retirement Village Association of New Zealand membership data shows there were 11 villages in the city with 375 units and 450 residents.It said six of these villages were in development with a further 450 units in the pipeline to potentially accommodate another 585 residents.
Classic Builders Lakes District owner Paul Taylor said it handed over the last villa at the Lynmore Rise Retirement Village last week to Classic Life.
The $30 million project was initially estimated to take five years but was completed two and a half years ahead of schedule.
The Lynmore Rise Retirement Village in Rotorua has been completed 2.5 years ahead of schedule. Photo / Mead Norton
Taylor said it was a great outcome considering the building industry had faced turbulent times alongside a downturn in inquiries and the softening economy.
“So that has been really good for us. There is a shortage of quality housing in Rotorua. Our population is growing and I think affordability is a bit better in Rotorua as opposed to the likes of Tauranga.
“There is also a bit more land to be developed and we may not have the same restraints as other cities.”
In total 64 villas were built at Lynmore Rise and about six are still for sale and move-in ready.
Feedback from residents shows they appreciate the architecturally designed homes and the community atmosphere, which was enhanced by its central location and proximity to the Redwoods and the lakes.
Taylor said the development had provided employment opportunities for local tradies and contractors that benefited the economy.
Due to demand, another retirement village was on the cards across the road on a bigger block of land that Classics was involved with.
That was expected to get underway late next year.
Taylor said its workload had been steady this year and 2023 was looking positive as it was involved in other housing ventures that remained confidential at this stage.
Retirement Villages Association executive director John Collyns. Photo / File
Retirement Villages Association executive director John Collyns said it made a submission to the Rotorua Lakes Council earlier this year about its development contribution policy.
It highlighted that New Zealand and Rotorua were facing a housing crisis, including a retirement living and aged care crisis.
“The ageing population is increasing exponentially. This increase is reflected in Rotorua’s demographics. Demand for retirement housing and aged care is rapidly increasing and outstripping supply.
“The currently consented retirement villages in Rotorua will be inadequate to meet the increasing demand.”
The submission said association members had 407 villages nationwide, including in Rotorua, providing homes for about 50,000 residents.
“Over the next 5 to 10 years, that is anticipated to grow significantly with 86 new villages and 130 expansions to existing villages, providing homes for approximately 28,900 additional residents.”
Collyns told the Rotorua Daily Post Weekend the completion of the Lynmore Rise Retirement Village was good news for Rotorua.
“Demand for villages continues to grow as people realise the benefits they bring. They are warm, secure, age-appropriate homes and offer financial security, friends and companionship.’'
Rotorua Lakes Council district development deputy chief executive Jean-Paul Gaston said its planning and consenting teams had had another extremely busy year.
“We are working with a number of key developers and iwi groups planning further residential development or looking for new commercial development opportunities in Rotorua.
“Despite this, it has been great to see progress on some residential developments that will contribute towards addressing our acute housing shortage, and it is pleasing to see a continued level of commercial investment, all despite the cost escalations that we have been seeing.
“We look forward to seeing this continue into 2023 and beyond.”
Stats NZ figures show nationally there were 2131 retirement village-related consents in the first three quarters of this year to September valued at $762.2m, compared with 2117 for the same period last year valued at $669.7m.
