Metlifecare to buy 5 hectares as part of $150m Auckland development
Retirement village company preparing for record building spree.
Metlifecare, the retirement village operator, has entered into a conditional agreement to buy five hectares of land in Auckland as part of a $150 million project.
The Red Beach site on the Hibiscus Coast Highway is part of a larger residential re-development of the Peninsula Golf Club and will boast more than 300 units*, the Auckland-based company said in a statement. The deal is pending on due diligence, resource consents and subdivision approval for the vendor.
"This will be a desirable and high quality village option for those living in the Hibiscus Coast area," chief executive Alan Edwards said. "Red Beach is also popular for Auckland retirees looking for a relaxed, coastal lifestyle but who want to still be close to the city. We expect to have resource consent by December 2015."
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. Should the deal go ahead, this would be Metlifecare's 15th village in the wider-Auckland region and 29th nationwide.
Shares of Metlifecare rose 1.1 percent to a seven-year high of $4.77.
(BusinessDesk)
*NOTE: an earlier version of this story said the Red Beach development would have more than 1350 units – this figure is Metlifecare's total development pipeline. We reject the error.
Suze Metherell
Tue, 13 Jan 2015
Tue, 13 Jan 2015
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Metlifecare to buy 5 hectares as part of $150m Auckland development
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