Summerset buys site for fourth village in Melbourne

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The New Zealand invasion of Melbourne and Victoria continues apace with retirement village operator Summerset announcing it has bought a site in Craigieburn, 25km north of Melbourne’s CBD.

Summerset, which posted an increase in half year profit to NZ$263.8 million thanks to a $260 million revaluation of its property, already has three sites in Victoria.

“Craigieburn is a high growth area of Melbourne with few high quality retirement options currently available,” said Summerset Chairman Mark Verbiest.

Summerset has previously bought a property in Chirnside Park, 39km northeast of Melbourne’s CBD, adding to sites in Cranbourne North and Torquay.

“We continue to look for suitable sites around Victoria to complement these four properties,” said Mr Verbiest.

“Summerset is in the final stages of obtaining the planning permit for our first Australian retirement village in Cranbourne North and are eager to get underway with construction. The delay has been longer than desired but we are still very confident of a positive outcome.”

Ryman Healthcare, New Zealand’s main operator, has four operating retirement villages: Charles Brownlow in Highton, Nellie Melba in Wheelers Hill, John Flynn in Burwood Hill and Weary Dunlop in Wheelers Hill. In addition, it has a site in Aberfeldie under construction, and sites in Ringwood East and Highett before council. It has three further sites in Essendon, Mt Eliza and Mt Martha.

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