The final stage of Summerset Falls retirement village in Warkworth – 79 new apartments – is expected to be finished in the first half of 2019.
The build represents a total investment at the village of more than $100 million and will bring the total number of apartments to 204.
As well as villas, cottages and serviced apartments, the village provides in-home support and rest home and hospital-level care.
Sales manager Steven Garner says the final construction project will bring the village to full capacity.
“I have discussed the matter with our chief executive, Julian Cook, and we both agree that operational constraints will dictate that this is as big as the village will get,” Steven says.
“There are very few options for extending facilities on this site.”
Mr Cook says Summerset may look at another site in the Warkworth area, but not in the foreseeable future.
Work on the new units started in April and more than 20 have been pre-sold, with prices ranging from $199,000 to $760,000.
“The new development is progressing well despite the rain we’ve had,” Mr Cook says.
He says Summerset is currently the third largest retirement village operator in NZ, but the fastest growing. The company is investing $1.3 billion into construction in Auckland alone this year, with 450 units to be built nationwide.
Two new villages are set to open in 2018, adding to the 21 villages already operating and housing around 14,500 residents.
“Our current development at Summerset Falls is driven by demand,” Steven says.
More than 1.6 million people over the age of 65 are expected to be living in NZ by 2063.
In that same year, the retirement age group will make up more than 25 per cent of the country’s population, which is about 10 per cent higher than the current figure.