Summerset shows NZ operators’ love for Melbourne continues with fifth purchase

Published on

New Zealand’s two largest retirement village operators, Ryman Healthcare and Summerset Group, can’t get enough of Melbourne.

Summerset Group announced to the NZX it had bought its fifth Australian site, paying just over $33 million for 1.83ha at Oakleigh South, 17km southeast of Melbourne’s CBD.

The site, which overlooks the 17th and 18th holes of the adjacent Metropolitan Golf Club, was sold by developer VIMG three years after buying it for $26 million and receiving concept approval for 83 townhouses.

Summerset Group, which posted its best half-year results in the company’s history in July, declared an underlying profit of $75.5 million, up 68% on the same period last year, said the mature suburban area was well-serviced by a range of social, recreational and retail amenities.

“Our village will offer a full range of high-quality units, from independent living townhouses and apartments to serviced apartments, care beds and memory care beds – the latter being for people living with dementia,” said Summerset CEO Scott Scoullar.

“Summerset prides itself on offering a continuum of care model whereby as a resident’s needs change so can their living arrangements. We’re looking forward to bringing this model of care and high-quality retirement living to Australians so are really pleased to have secured this land at Oakleigh South – our fifth site in Victoria.”

Summerset last month received consent to start building on the first Victorian site it purchased, at Cranbourne North.

“We expect our first Australian homes to be built in 2022, in what will be a huge milestone for Summerset. Australia is a big part of our future,” Mr Scoullar said.

In Melbourne, Ryman Healthcare has five existing sites, two sites being built, one site approved for development and three proposed sites.