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.