Fourth North Shore property purchase for Metlifecare
$300 million village project.
Retirement village operator Metlifecare [NZX: MET] has signed a conditional agreement for an undisclosed sum to buy land on Auckland's North Shore as part of its proposed $300 million village project.
The Auckland-based company has bought a 3 hectare site, on McClymonts Road in Albany, marking its 17th village in the wider-Auckland region. This is the retirement village operator's third land acquisition following conditional purchases of greenfield sites at Red Beach and within Manukau Golf Course.
Retirement village companies are acquiring land and preparing for a record building spree in anticipation of increased demand as people born in New Zealand's post-war era start to reach the target age for operators.
The proposed village will be Metlifecare's fourth village on Auckland's North Shore. The total development pipeline is likely to grow by more than 500 units and care beds, lifting the total development pipeline in excess of 2580 units and beds.
In August, the company's reported annual profit rose 78% to $122.7 million after its properties jumped in value.
Metlifecare's shares rose 0.2% to $4.25 and have fallen 9.8% since the start of the year.
(BusinessDesk)
Suze Metherell
Wed, 07 Oct 2015
Wed, 07 Oct 2015
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