Metlifecare Limited has announced an investment of around $180 million for a new retirement village in Beachlands.
They will be purchasing three adjoining properties for a retirement village development in the fast-growing coastal community of Beachlands.
Chief executive Glen Sowry says the new Karaka Road site would provide Metlifecare with an opportunity to meet the needs of an area that is not currently served with retirement living options.
“This is one of Auckland’s growth hot-spots,” he says.
“Significant residential intensification in the rural and coastal area from Cockle Bay through Whitford and Clevedon, and along the Pohutukawa Coast (Beachlands, Maraetai and Kawakawa Bay) has resulted in substantial and ongoing population growth.”
This is set to escalate further as housing development takes advantage of the new zoning opportunities opened up by the Auckland Unitary Plan.
“The area’s demographics are already extremely favourable with an older-than-average population, high levels of home ownership and median house prices of around $1.2m.”
He says that the retirement-age population in the catchment area is expected to double in the next 15 years.
“With the closest existing villages nearly 20km away, we are very pleased to be the first retirement village provider here.”
The investment of $180m includes developing the site, which is a short walk from the Pine Harbour Marina and opposite the Formosa Golf Course. When completed, the village will offer more than 210 independent living units and care beds.
“The village will have a relaxed coastal feel, providing a mix of single-level villas for those who want to live more independently, as well as apartments and a care home which will be supported by a fabulous community facility,” he says.
“Our analysis indicates the list price for units in this village will range from $600,000 to more than $1m, which would enable Metlifecare to comfortably meet its development margin threshold of 15 per cent.”
He says that the design and consenting work will commence immediately.
“The village is expected to be built over four years, with site works set to commence in early 2019 and the first stage planned for completion by early 2020. Settlement is expected in August 2018.
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.
Hunua MP Andrew Bayly welcomes the purchase, noting the need for investment in infrastructure and services to enable growing communities to thrive.
“This is a special area, where Aucklanders can have a fantastic lifestyle away from the city but with many of its benefits on their doorstep. With the area being designated for intense future growth, I am pleased to see organisations such as Metlifecare recognising the opportunities it offers.
“In the past year we have seen a significant increase in the range of services, including a
new Countdown supermarket, the Pohutukawa Coast shopping centre, and increased frequency
and connectivity of transport options.
“For example, the ferry service, which is free to SuperGold Card off-peak travellers, now has 20 sailings per day to Auckland’s CBD.”