Arvida Group, which has 33 retirement communities in New Zealand, has posted a record profit of NZ$131 million, 207% higher than 12 months before, due to the rise in the value of its properties.
The annual revaluations of investment property undertaken by CBRE and Jones Lang LaSalle delivered a revaluation increase of NZ$123.5 million which boosted profit to NZ$131 million, with the underlying profit of NZ$51.9 million for the 2021 financial year.
“We successfully completed care suite developments at Aria Bay (Auckland) and at Copper Crest (Tauranga). The opening of these facilities reflected further investment in our care strategy, and we plan to introduce care suites across a number of our retirement communities,” said Arvida Chair Peter Wilson.
Outgoing CEO Bill McDonald said the development of care suites is ‘core to strategy’.
“Providing residents with the confidence that care services are available as they age is essential. Care suites will lead the New Zealand retirement industry into a new standard for aged care,” said Mr McDonald.
Arvida has 33 retirement communities completed or in development in New Zealand and has a development pipeline of 1,324 beds.
“We exceeded our target build this year with 247 new units completed,” said Mr Wilson.
Mr Wilson praised the work of Mr McDonald who will leave at the end of September, replaced by Chief Financial Officer, Jeremy Nicholl, as we reported.