Summerset to expand Warkworth village

  • 20/07/2015
Summerset to expand Warkworth village

Retirement village operator Summerset Group has bought land in Warkworth to extend its existing village.

The Wellington-based company bought an extra 2.4 hectares, which would allow it to build 77 retirement units adjacent to its existing Summerset Falls village, it said.

The current village has 220 residents and is almost complete, with a care apartment building due for completion next year, it said.

"We have experienced very strong interest in the Warkworth area," said chief executive Julian Cook. "With the purchase of this land, we will be able to extend our village and provide more retirement village living options to the wider Warkworth community."

Summerset has said 2015 underlying earnings will probably rise as much as 39 per cent as it benefits from record sales of units.

It said it is on target to deliver 300 retirement units across its 20 villages in 2015, and to exceed 300 units in 2016 and it continues to look for additional sites across the country.

The earnings forecast doesn't include the impact of unrealised property valuation gains. It will publish first-half earnings on August 11.

Shares in Summerset last traded at $3.92. The stock has gained 42 per cent so far this year, making it the second-best performer on the S&P/NZX 50 Index behind Nuplex Industries which has gained 45 per cent.

NZN