NZ retirement village operator Summerset lodges proposal for $157 million retirement village north east of Melbourne CBD

Published on

The Chirnside Park location, 39km north east of Melbourne, is its third piece of land in Victoria since September 2019.

The proposed village site, which would house over 200 units, was chosen because the over-75 population in the area is expected to grow by 60% over the next decade.

The site, at 266-268 Maroondah Highway, would be home to two- and three-bedroom units with the option for independent and supported living.

Meanwhile, Summerset’s first Australian retirement village in Cranbourne North continues to progress, with development approval expected soon and their second location, in Torquay, is also in the planning stages.

The proposal came after Summerset released its 2020 full-year-results showing the group made 404 sales of occupation rights in the same period as 2019 for a gross of NZ$245.4 million (AUS$226 million), up 12%.

Underlying profit for FY20 was down 7% to NZ$98.3 million (AUS$90 million) and total sales of occupation rights were up 20% on FY19, to 785.

Summerset now has 31 villages completed or under construction in New Zealand with 5,700 residents plus the three sites progressing in Victoria.