Warwick Smith / Equipment.
Somerset plans to build a retirement village on a 9-hectare, 34-acre section that it recently purchased on the outskirts of Palmerston North.
The eastern suburbs of Palmerston North are lined up for a new face as a rest home developer buys a large parcel of land and has big plans for a retirement village.
Somerset is building a 300-unit village on 9 hectares of 34-hectare property, which it has bought Napier and Stony Creek roads.
The company said the major development includes “independent residential villas, cottages and apartments, as well as serviced and memory care apartments”.
Somerset did not say how much it paid for the land, and the purchase price does not yet appear on the property record. The 2018 capital value of the land is just over 3 3 million, but the sale price is much lower.
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The company said it has invested more than 300 million in the Calvin Grove site and Melbourne.
A Somerset spokesman said the company was working for Palmerston North Development through its planning, design and approval process.
“Experience tells us that resource consent times can vary considerably, but, all is well, groundwork should begin within 15 to 24 months.
“Somerset has purchased a full 34 hrs and plans to use about 9 hrs for a high quality retirement village. Decisions on what we will do with the land balance have not yet been made.
Only half the land is underground. The rest of the zone is rural.
Somerset chief executive Scott Schuler said the number of Palmerston North residents over the age of 75 is expected to increase by about 30 per cent by the age of 20.
“On offer will be accommodation facilities such as a bowling alley, gym, cafe and hairdressing salon, all in a safe and secure environment.”
Somerset had 33 sites in New Zealand, including the Palmerston North site, eight proposed developments.
Its current Palmerston North Village Summer Set opened on Summer Hill in 2000.
The land, a fourth- or fifth-generation family farm, was marketed by property broker Nick Clark, a rural agent.
It was the largest land for sale in the city in 20 years. “There was a lot of interest. People were coming to the vendors off the street.”
Clark said he received about 7,700 emails expressing interest in the property, identifying 272 interested parties.
It submitted 62 tender documents, mostly to developers and government agencies, and returned with nine offers.
Clark said he decided the tender process was the best for the land, so he did not rule out potential government buyers. He was “very happy” with the results.
“It’s very interesting for the city. [Summerset] The city is going to spend a lot and it will create jobs.
SummerSet recently posted a half-year profit of 26 263.8 million.