Metlifecare unveils plan for New Zealand’s first retirement village integrated with a golf course.
Metlifecare has announced its successful acquisition of 1.06ha of prime golf course land from the Pakuranga Golf Club, which comes in addition to 2.38ha purchased in May 2017.
The total development area now stands at 3.44ha, paving the way for the development of New Zealand’s first retirement village with access to an 18-hole golf course.
Speaking with investors on Friday, chief executive Glen Sowry said the expanded site would provide Metlifecare with the opportunity to develop a village unlike any other in the New Zealand market.
“We’re very excited about this unique development opportunity,” says Sowry. “The village integration with Pakuranga Golf Club will be boundaryless, with the village green flowing through to the golfing green.”
The expanded site will deliver an increased development yield of at least 74 additional units and beds, for a targeted total of 206 independent living apartments and 36 care beds, following Metlifecare’s award-winning home care design model. The additional land has increased golf course frontage, improving the integration of the northwest facing site with the course.
The purchase of the additional land was made possible through a strong relationship with the Pakuranga Golf Club whose members unanimously endorsed the sale in a Special General Meeting. Settlement of the new parcel of land is due by May 2019 with development likely to commence later next year.
Club president Steve Scott says the deal has attractive upsides for both club members and future village residents.
“This sale puts the club in a great position for the future years to come,” says Scott.
“We look forward to continuing our positive relationship with Metlifecare.”
Metlifecare has a great market for this new village on its doorstep – many of the club’s members have registered strong interest in the village which is expected to be open from 2021.
Sowry says Metlifecare plans to invest around $180 million developing the site.
“The design of this village is going to be a reflection of its environment,” says Sowry.
“It will make the best possible use of the beautiful views over the greens and down the fairways. It will be a common sight to see golf carts parked outside village units as residents make the short trip from front door to the tee.”
Sowry says Metlifecare analysis suggests the list price for units in the village will range from $600,000 to more than $1m.
Design and consenting work is already underway, and the village will be completed in stages, allowing for flexibility of occupancy.
Expected timings for key stages are:
- Lodgement of resource consent early 2019
- Construction to start late 2019 / early 2020
- First units completed 2021
The new site will boost Metlifecare’s development pipeline to just under 2000 units and beds across its 24 operational villages and five greenfield sites.
