Metlifecare Ltd has conditionally bought 5ha of the Peninsula golfcourse for its second retirement village at Red Beach.
The golf club has sold the 45ha Red Beach course for residential subdivision and is moving to a new course at Wainui.
Metlifecare chief executive Alan Edwards said today the company planned a $150 million project on its 5ha, subject to due diligence (including feasibility) and obtaining resource consent, and the vendor obtaining subdivision consent.
Assuming satisfaction of these conditions and of related consents, Mr Edwards said the company expected to have resource consent by December, enabling development of the site to start in 2017. It would be Metlifecare’s 15th Auckland village and 26th nationally.
Metlifecare bought its first Red Beach village, Hibiscus Coast Village, in 2011 from Retirement Villages Group Ltd. It’s on a 6ha site at the corner of Whangaparaoa Rd & Red Beach Rd. The new village would be across the old golfcourse on the Hibiscus Coast Highway, over the road from the 3000-house Millwater subdivision.
A third, 27-unit village on this large block at the start of the Whangaparaoa Peninsula, Northhaven, is owned by Bupa Care Services NZ Ltd, which also owns the adjoining Northhaven Care Home.
Mr Edwards said Metlifecare’s new village would contain a range of one-, 2- & 3-bedroom independent living options & care beds. The community facilities would include a swimming pool, gym, café & bowling green.
“Importantly, the acquisition supports growth in Metlifecare’s development pipeline. The pipeline will comprise in excess of 1350 units & beds, depending on the final design & consenting process for the new Red Beach village.
Attribution: Company release.