Quote:
GENERAL: SUM: Summerset Invests NZ$500M in Auckland Developments
SUM
17/02/2014 08:49
GENERAL
REL: 0849 HRS Summerset Group
Holdings Limited
GENERAL: SUM: Summerset Invests NZ$500M in Auckland Developments
NZX, ASX AND MEDIA RELEASE
17 February
2014
SUMMERSET INVESTS NZ$500 MILLION IN AUCKLAND
DEVELOPMENTS
Retirement village operator Summerset will have spent NZ$500
million on
developments in Auckland by the time it completes its three latest
villages
in the city. The figure was revealed on Saturday at the launch of
the
company's Hobsonville village, where the public got their first chance to
see
what the NZ$120 million waterfront development will look like.
MP
Paula Bennett attended the event and welcomed the new development.
"This
development is a fantastic addition for the community, and will provide
great support for our older people, who'll have access to accommodation built
specifically for their needs," Mrs Bennett said.
Summerset CEO
Norah Barlow said the affordability and availability of housing
in Auckland
is something both the Government and Council are working to
address. "We
support both Council and Government's policies such as the
Housing Accord,
which will encourage development to help address the shortage
of housing in
Auckland.
"In our five Auckland villages we will spend a total of NZ$500
million, and
create homes for some 1300 people. We've built a village at
Manukau, and are
close to completing our Warkworth village. Now we're
commencing work on our
Karaka village and look forward to construction
starting on our Hobsonville
village. We are working with Council and looking
to finalise resource consent
to commence our Ellerslie village as soon as
possible."
Summerset's Auckland villages will free up existing homes for
younger
families. This will assist Auckland Council's stated goals of
providing a
range of housing options and increasing
affordability.
Plans for the 7.6 hectare Hobsonville village include
approximately 225 homes
comprising villas, apartments, and care apartments,
and a 90-bed care centre
providing rest home and hospital-level care. The
site has 180-degree views of
Waitemata Harbour out to Herald Island. The
village will be named Summerset
at Monterey Park after the tourist theme park
that previously occupied the
site.
Summerset CEO-designate Julian Cook
said, "This village is going to be an
asset for the community and for wider
Auckland. We look forward to
contributing to the growth of Hobsonville which
is on its way to becoming a
vibrant part of the city, and to the city as a
whole as our developments
progress.
"In our experience, many of the
people moving into retirement villages are
down-sizing from three and four
bedroom family homes. This frees up homes in
the community for younger
families.
"Our villages also support the ageing population, who require
safe, secure
housing that is designed for their needs. Demand for our
villages across the
city shows there's a real need for this kind of
housing."