Summerset snaps up Monterey Park site

Summerset Group is buying a 7.6ha waterfront property in Hobsonville, Auckland, known locally as Monterey Park, where it intends to build a retirement village.

The NZX-listed retirement village developer and operator, which is majority-owned by Australian private equity company Quadrant, is awaiting Overseas Investment Office approval before completing the purchase.

The land will become the company's 18th site. Details of the village will be made public after completion of the resource consent process. Terms were not disclosed.

Summerset chief executive Norah Barlow said the company had a mandate to expand into the Auckland region to cater for the area's ageing population.

"In addition to the already ageing population, Auckland's population is growing faster than any other region in the country."

She said the village would benefit from the Auckland Council's North West transformation project, which is aimed at bringing a range of modern amenities into the area, as well as providing transport links with the wider city.

The site sits opposite the Hobsonville Pt housing development.

Barlow said the purchase brought Summerset closer to its target of delivering 250 new units a year within five years.

In February, Summerset completed a new $115 million Manukau complex, the company's "flagship" development.

Summerset listed on the NZX in November, with an issue price of $1.40 a share. The stock traded yesterday up 0.66 per cent at $1.52.