Summerset (ASX:SNZ) - CEO, Julian Cook
CEO, Julian Cook
Source: Macquarie Group
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  • Summerset (SNZ) has purchased a 2.8-hectare site to build a ninth retirement village in Auckland, New Zealand
  • The billion-dollar company will invest around $300 million to transform the block into a new retirement village for seniors
  • The land is located off Thurston Place and is near Half Moon Bay Marina, East Auckland
  • Importantly, the retirement village marks the first in the East Auckland area and will support the forecasted increase of people aged over 75 years
  • Summerset ended the day trading 2.86 per cent higher for $8.62

Summerset (SNZ) has inked its plans to build a ninth retirement village in Auckland, New Zealand.

The billion-dollar company is one of the leading operators and developers of retirement villages in New Zealand with 31 developed nationwide.

Today, Summerset announced it has purchased land for another retirement village which marks its first in the East Auckland area.

The land covers 2.8 hectares and is located off Thurston Place and is near Half Moon Bay Marina.

Summerset plans to invest around $300 million in transforming the 2.8-hectare site into a new retirement village for senior residents.

“The new village near Half Moon Bay Marina will be close to a range of amenities and dining options, as well as ferry services to the city and Waiheke Island, so it’s a great location for us,” Summerset CEO Julian Cook said.

“The format for this village will be apartment living, as is quickly becoming the norm for urban sites in Auckland. It means we can make best use of the land available and take advantage of stunning views from the site,” Julian added.

This investment comes at a convenient time for locals, as the number of people aged 75 years and over in the East Auckland area is expected to increase by 56 per cent over the next eight years.

Company shares closed 2.86 per cent in the green with shares trading for $8.62.

SNZ by the numbers
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