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Summerset Purchases Another Retirement Site

Summerset Purchases Another Retirement Site
Jul 28, 2015 By Ben Visser

Summerset Group Holdings Ltd (ASX:SNZ) announced this morning that the company has purchased a 2.3ha site in Parnell, Auckland, next to the Auckland domain. The property is located on 23 Cheshire Street in Parnell and is one of Auckland’s most attractive suburbs with views to the city.

Summerset is the third largest retirement village operator and the second largest developer of villages in New Zealand. The company has 20 villages throughout the country, built in under 20 years. The company also provide a continuum of care, including in-home care through to rest home and hospital-level care in its Care Centres.

The site was purchased from KiwiRail and is right next to the Parnell station. The purchase marks Summerset’s seventh site in the Auckland region and follows last week’s announcement of acquisitions of another two Auckland sites in St Johns and Warkworth.

Summerset CEO Julian Cook commented, “We plan to build one of Auckland’s premier retirement villages in what is fantastic location” “The St Johns and Parnell sites will form two of the premiere villages servicing Auckland’s Eastern Suburbs and we believe they are very complementary. These high quality sites are great additions to Summerset’s existing group of villages.”

While demand is strong in Auckland, sales across the rest of the country are also high, with Summerset recently releasing sales of occupation rights for the six-month period ended 30 June 2015.

Summerset’s share price has shown significant growth since January this year. The company reported record sales numbers in January followed by promising financial results the following month. Continued expansion and development in a growing market has resulted in promising financials for Summerset and its share price has reflected this accordingly.

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Ben Visser Author: Ben Visser Jul 28, 2015

Ben is a Wise-owl equity analyst focusing on ASX blue-chips stocks. Ben has a Bachelor of Business in Finance majoring in property valuations and management. In his role at Wise-owl Ben conducts in-depth fundamental and technical analysis which helps him to find profitable investment opportunities on the ASX and abroad.

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