Retirement growth spurt

TRACY NEAL
Last updated 12:58 17/07/2014
blue lines on Bridge St
MARTIN DE RUYTER/FAIRFAX NZ
INDUSTRY BOOM: An aerial photograph of part of the The Ernest Rutherford Retirement Village in Stoke which is owned by Ryman Healthcare.

Relevant offers

Another 325 units will be added to the Nelson region's retirement village inventory with planned new developments and expansion of existing villages.

Retirement Villages Association executive director John Collyns said the growth in registered villages - those operating under a Government Act, was scheduled to happen over the next four years.

Contributing to the growth is Olive Estate Lifestyle Village planned for Richmond. Integrity Care Group, which plans to build a $50m village for 400 residents, gained resource consents for the Wensley Rd project in February.

Last month it opened an information centre in Queen St and began selling for stage one which consists of 20 villas, eight terraced houses and the Olive Market precinct, which includes a cafe and general store.

Summerset in the Sun's Stoke development has just finished its 40-bed care facility and 15 care apartments. It would be building 42 villas this year as well, chief executive Julian Cook said.

The complex when finished, by 2016, would have 260 units and an 80-bed care facility, he said.

Oceania Group's planned redevelopment of its Green Gables rest home and retirement village in Bridge St is also included in the inventory of future development.

It plans an $18 million development involving partially demolishing the existing village, building 13 villas around the perimeter and a three- storey central building, with a total of 91 units.

There were now 11 registered villages across Nelson, Stoke, Richmond and Motueka which combined, offered about 750 residential units.

About 850 residents occupied these units, plus 43 additional independent rental units were offered by the Stoke Retirement Village, Collyns said recently.

A white paper on projected growth in the industry to cope with a burgeoning ageing population nationwide, placed the Nelson, Tasman and Marlborough region seventh out of 13 regions in New Zealand, and equal with Otago in terms of development in the pipeline.

The May 2014 New Zealand Retirement Village Database [NZRVD] prepared by Jones Lang LaSalle said development pipeline data gathered indicated more than 10,000 further units were earmarked for around the country, along with a notable quantity of land banking.

Those 10,000 units would take six to eight years to be absorbed by the market under the demand criteria outlined within the paper.

Nelson, Tasman and Marlborough were estimated to contribute 4 per cent of the total development planned for around the country. Auckland was by far the biggest growth area with an estimated 19 new [registered] villages in the pipeline which would add 1432 new retirement units.

Ad Feedback

A further 16 new villages, but not yet registered were planned in Auckland, leading to a combined 3908 planned new units, or 37 per cent of the country's projected total.

Wellington was next on 13 per cent, followed by Bay of Plenty and Canterbury, each on 11 per cent. Waikato and Northland were on 6 per cent and 5 per cent respectively.

The white paper said the top five operators; Ryman, Metlifecare, Summerset, Oceania and Bupa accounted for 49 per cent of the retirement village industry's units, which was a level that had remained stable since the 2012 NZRVD.

Collyns said growth in retirement villages seemed greater in areas nearer larger populations centres.

Wellington looked to Hawkes Bay for example, and Auckland to the Bay of Plenty.

Canterbury people looked more towards Nelson, he said.

- The Nelson Mail

Special offers
Opinion poll

Does Nelson deserve to be classed as a city?

Yes

No

Don't know/Don't care

Vote Result

Related story: (See story)

Featured Promotions

Sponsored Content