Summerset Group has strengthened its portfolio with the purchase of two new properties in New Zealand. The acquisitions are in Masterton (Wairarapa) and Rotorua Bay (Bay of Plenty).
The announcement comes as the company released its half-year result showing an underlying profit of $82.5 million, up 9.2 percent on the same period last year.
Summerset Chief Executive Scott Scoullar said it is pleasing to be able to strengthen our portfolio and secure these key sites in high demand locations.
Masterton is the Wairarapa’s largest town, and Summerset’s village in Lansdowne is located within the premium subdivision of Cashmere Downs, just 2km from Masterton’s Town Centre.
“Masterton is a hub for the Wairarapa, and it is expected the new village will draw residents from across the region and Wellington due to the peaceful nature of the location and the local amenities which have become a major drawcard for the region”, Scoullar said.
“The Wairarapa has a rapidly growing ageing population, with the number of people aged 75-plus forecast to increase 50 percent in the next six years. And, of course, it’s just over the hill from Wellington and many Wellingtonians will relish the chance to retire amongst the Wairarapa’s vineyards, golf courses, and settled climate.”
The Rotorua village in Fairy Springs is Summerset’s first site in Rotorua. With easy access to State Highway 5, the 14.2ha land is located close to local amenities including golf clubs, and the CBD is just 5km away.
“The Rotorua area doesn’t have a retirement village offering like ours currently, and with a strong 75-plus population expected to increase by 30 percent in the next six years Summerset is pleased to be able to bring our unrivalled continuum of care retirement village offering to Rotorua”, said Scoullar.
The villages will offer a full range of high-quality units for independent living, as well as a residential care offering on site.
