28 Jul 2015

Summerset buys Parnell land

2:04 pm on 28 July 2015

Summerset has purchased another development site in Auckland - this time next to the Auckland Domain.

Summerset chief executive officer Julian Cook.

Summerset chief executive officer Julian Cook. Photo: Summerset

The retirement village operator has bought the 2.3 hectare site in Parnell from KiwiRail, for an undisclosed sum.

That followed last week's purchase of two other sites in Auckland.

Summerset chief executive Julian Cook said the Parnell site had excellent amenities and would become one of Auckland's premier retirement villages.

Summerset is aiming to build 300 new units a year, and Mr Cook said the timing of the latest purchase was coincidental, as the company was always on the hunt for land.

"Auckland's a sort of very very big market, so you'd expect us to be pursuing a few things up here," he said.

Summerset has five development sites, including the new ones in Auckland.

The company's share price jumped more than six percent since the beginning of last week to $4.18 this morning.

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