North Island-based Summerset retirement homes has bought a
1.8ha block of land in Dunedin for $1.4 million as its entry
point into the South Island.
The Overseas Investment Office yesterday released decision
summaries for December, granting consent for Summerset, which
is 97% Australian-owned and 3% New Zealand-owned, to buy the
land in Shetland St.
The land was bought from Grey Ghost Properties Ltd, which was
understood, but not confirmed, to be a Queenstown-based
family company.
Summerset's general manager of marketing and sales could not
be contacted yesterday.
Summerset was founded in 1994 and provides village lifestyle
and care facilities to more than 1450 people, serviced by a
staff of more than 360.
The company has retirement villages in Taupo, Havelock North,
Aotea, Palmerston North, Wanganui, Manukau, Levin,
Paraparaumu, Trentham, Napier, Hastings and Warkworth,
according to its website.
It is owned by AMP Capital Investors and Quadrant Private
Equity Group.
A statement released by the Overseas Investment Office said
beside the 12 retirement villages, the company owned three
properties, "land banked for further development".
"The proposed [Dunedin] acquisition is part of Summerset's
strategy to expand throughout New Zealand and this will be
their first acquisition in the South Island," the statement
said.
Summerset's website said several villages were in various
stages of development, in Napier, Aotea (near Porirua)
Manukau, Hastings and Warkworth, and more villages were
planned in the North Island, at Waimauku and Karaka.
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