Retirement village plans to be driven by demand
Summerset's Trentham retirement village will double in size to over 240 homes when its $50 million extension is completed.
But demand will determine the speed of the development, with an initial 22 new villas and townhouses planned for this year.
Yesterday the listed Wellington company revealed the first stage of its Trentham retirement village extension to prospective tenants.
The retirement village operator purchased 5.3 hectares next to the current village, which also neighbours the racecourse, in August last year, earmarking $50m for development.
Trentham's village currently has 124 homes and a 41-bed care centre.
It was completed in 2004.
But the extensions would see a further 120 homes added, another 20 care apartments built, and a new village centre, cafe and indoor pool established.
The bowling green would also need to be widened, Summerset general manager of marketing and sales Tristan Saunders said.
Summerset's first stage of the extension was due to begin in early April.
The homes would range in price from about $320,000 to $500,000.
Chief executive officer-designate Julian Cook said it was the first time Summerset had extended an existing village.
"We've listened to what the residents have said they'd like to see as the village develops," Cook said.
"The addition of an indoor pool, cafe and more recreational areas will benefit everyone in the village, existing and new residents."
Saunders said other villages were particularly fond of the heated indoor pools and exercise facilities.
Demand for the first stage of building would determine the speed at which the rest of the site was developed, he said.
The additional land was formerly an AgResearch site, and plans for a Hollywood-style film studio complex on the land were previously proposed by Raleigh Studios.
Late last month the company said the country's ageing demographic profile had it eyeing 40 years of growth.