AUCKLAND, NZ: Summerset Group, a leading retirement village operator in New Zealand, has announced the purchase of two new properties in Rolleston (Christchurch) and Mosgiel (Dunedin) for more than $400 million.
The company said that the new sites will each offer over 300 units and will cater to the growing demand for retirement living in these locations. Rolleston is predicted to have the highest population growth in New Zealand over the next 30 years, while Mosgiel is a vibrant town with access to a high level of amenities and recreational areas.
The acquisition of the new properties will further boost Summerset’s land bank of units, the largest in New Zealand’s retirement village sector, and will enable the company to more than double the size of its current New Zealand business.
Summerset Chief Executive Scott Scoullar said: “We’re pleased to continue to find quality sites to grow our business where we’ll be able to introduce more New Zealanders to our retirement village lifestyle. Both sites are well appointed with excellent amenities available to residents and make strong additions to our land bank.”
The announcement comes as the company released its half-year result showing an underlying profit of $87.2 million, up 5.7% on the same period last year.
The company expects to start delivering units from the new sites from FY26 onwards.
Summerset Group three properties in Australia and New Zealand