5 Oct 2011

$60 million retirement village for Dunedin

12:23 pm on 5 October 2011

Summerset Group says it's received resource consent for a retirement village worth in Dunedin more than $60 million.

The retirement village operator plans to list on the stock exchange in November, and hopes to raise $136 million through an initial public offering this month.

The Dunedin village will be the company's second in the South Island. It will house about 200 residents and have more than 120 units.

Construction is expected to begin shortly and the first homes should be completed next year.