NZ villages just get bigger – new $140 million development

While the Australia private sector is struggling to build retirement villages, the family owned Sanderson Group in New Zealand has just commenced construction of a $140 million village called Bethlehem, to include 180 ILUs, 80 apartments and a substantial clubhouse on a 17 ha block.

It is adjacent to their existing $54 million Bethlehem Country Club village [pictured]. The ILUs will range between $500,000 and $800,000 with the village scheduled for completion late next year [unlike our staged development]. At the same time they have plans for a 120 bed hospital care facility and serviced apartments on another adjacent site.

All this with a competitive village, the Bob Owens Retirement Village, just completed in the same road at an investment of $120 million. This market success and optimism reflects the well-established retirement village concept in the New Zealand market despite its more significant Deferred Management Fee structure. But most villages also feature care.