Summerset has big plans

Retirement village developer and operator Summerset has announced the $200 million development of its first two villages in Christchurch, capping off a year of rapid expansion around the country.

At the 9.7ha Casebrook village, Summerset wants to build more than 200 townhouses and villas, while at the 5.4ha Wigram site it plans more than 200 retirement units.

''Both villages will [combine] recreational facilities and a care centre providing rest-home and hospital-level care,'' it said in a statement yesterday.

Including the two Christchurch sites, Summerset has six new sites in development.

Craigs Investment partners broker Chris Timms said since Christchurch's earthquakes, housing demand, including rest-homes, had been strong, noting ''extremely strong'' sales of Ryman Healthcare units.

The Wigram property had resource consent and the first units were likely to be completed in 2015, while Casebrook, subject to consents, would have its first units complete by 2016.

Summerset would beat its own earlier guidance to have 300 new rest-home village units completed during 2015, and ''almost certainly'', beat targets for 2016, Mr Timms said.

 

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