20 Jul 2015

Summerset to expand Warkworth property

2:09 pm on 20 July 2015

Retirement village operator Summerset says it has bought some land next to the soon-to-be-completed Warkworth Village in order to increase the number of retirement units by nearly 60 percent.

Summerset chief executive officer Julian Cook.

Summerset chief executive officer Julian Cook. Photo: Summerset

The company acquired 2.4 hectares of farmland adjacent to the Summerset Falls Village, for an undisclosed sum.

The soon-to-be-completed village currently has 133 villa units, which was home to 220 residents.

A 36-care-unit apartment building was due for completion next year.

Summerset chief executive Julian Cook said there was strong interest in the Warkworth property and construction of the 77 units would begin as soon as the company obtains the necessary resource consents.

He said Summerset remained on target to deliver another 300 retirement units across its 20 villages in 2015.

Mr Cook said the company was looking to buy additional sites across the country and plans to exceed 300 units in 2016 and beyond.

Summerset recently announced that its underlying profit would be in a range of $32 and $34 million for the current year ending in December.

The share price jumped 3 cents this morning to $3.95 each.

Get the RNZ app

for ad-free news and current affairs