Dublin-registered but historically Australian building materials supplier James Hardie Industries plc has failed in an attempt to limit, to local subsidiaries, a court action over defective cladding taken by 5 Metlifecare retirement village companies & individual unit owners.
Retirement village developer, owner & operator Metlifecare Ltd said yesterday it had a strong financial result for the December 2018 half, but some of the figures suggest otherwise.
Metlifecare Ltd has bought 3 adjoining properties for a retirement village development at Beachlands, on the Pohutukawa Coast in Auckland’s south-east.
Metlifecare Ltd said last week it had gone unconditional on its purchase of a 5.3ha waterfront site at Orion Pt in Hobsonville.
Metlifecare Ltd said on Monday its half-year performance was solid, but there was a big difference from a year ago in the end result as the value of investment properties came in much lower.
Metlifecare Ltd’s Botany site, bought through Bayleys 4 months ago for a retirement village, cost it $21 million.