Wellington, NZ-based Summerset Group this morning announced it had a sixth site for development of a retirement village in the Melbourne suburb of Mernda.
The announcement came as Summerset released its half-year result showing an underlying profit of NZ$82.5 million, up 9.2% on the same period last year.
Located approximately 30km north-east of Melbourne’s CBD, the site is in a growing suburban area that is very well serviced by a wide range of social, recreational, and retail amenities.
Summerset now has six sites in Victoria with capacity for about 1700 units. In December last year, The SOURCE reported it had broken ground on its first continuum of care model village at Cranbourne North, 39km southeast of Melbourne’s CBD.
Summerset has the largest New Zealand land bank in the sector, with sufficient land for 5,646 units, enough to more than double the size of its New Zealand operation.
“In a strong northern growth corridor of Melbourne with significant population growth expected, the location has seen substantial investment in roading, infrastructure and amenities including the development of a NZ$500m town centre, a community hospital and new train station”, Scott Scoullar, Summerset Chief Executive, said.
