CEO Scott Scoullar flew in from across the Tasman Sea to have a look at the progress of the first of six retirement villages planned in and around Melbourne.
“The build is extremely impressive. We are looking forward to delivering our high standard of amenities, facilities and care to our Summerset Cranbourne North residents, our first Australian village,” Scott said.
Work started on Summerset Cranbourne North, 39km southeast of Melbourne’s CBD, in October 2023 and the first residents moved in the following April. Now the village’s Community Centre is taking shape.
Summerset has also started work on its second retirement village in Chirnside Park, 38km northeast of Melbourne’s CBD, and has planning permits for villages in Torquay, the seaside town 97km southwest of Melbourne’s CBD, and Oakleigh South, 17km southeast of the state’s capital city.
All villages will provide the New Zealand continuum of care model.
Summerset Group is considering making an offer of six-year, fixed rate bonds to institutional and New Zealand retail investors.
If the proposed offer is made, the net proceeds of the offer will be used to repay a portion of existing drawn bank debt. Summerset then intends to use bank debt to fund the repayment of Summerset's NZ$125 million bonds which mature on 24 September 2025.
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