All Blacks invest in retirement homes
A group of All Blacks are looking forward to their retirement by investing in care for the elderly.
Dan Carter and Richie McCaw and other name rugby players have together taken a stake of about 10 per cent in the "boutique" Park Lane Retirement Village, located a few steps from the new AMI Stadium.
Stage one of the $80 million Park Lane Retirement Village in Christchurch was opened yesterday by Prime Minister John Key, at a gathering which included Carter and fellow investors All Blacks Andy Ellis and Corey Flynn.
Carter said he had invested in seven retirement villages, including complexes in Blenheim, Nelson and Christchurch, drawn in by Ben Hurst, the son of 1970s All Black Ian Hurst, who worked in the sector.
Former All Black Greg Somerville was another one of the early investors in the retirement sector.
Other current or former All Blacks sharing in the 10 per cent stake in Park Lane include Kieran Read, Leon MacDonald, Mark Robinson, Aaron Mauger, and former Crusader and now Scottish international Sean Maitland.
Carter said aside from the property investments he had stocks and bonds in his investment portfolio.
In 2010, Carter's Gas fashion store company was put into liquidation.
Carter yesterday said he had also worked with Christchurch- based private banker Grant Adamson on the retirement village investments.
"[The investment came] through Ian and Grant and through the rugby players. I realised we are living this great career at the moment playing rugby, but that's not going to last forever," Carter said.
"We're obviously investing . . . in a growing [retirement village] industry, so it's a great investment to be in."
Adamson said the investors would not get any return "for a number of years", as cashflow would be reinvested in the staged project. But the rugby players could treat it as a safe vehicle and go on and play their rugby.
Park Lane director and facility manager Jenny Dempsey and her husband, Alan Dempsey, were also "major" stakeholders.
Over 15 years the pair had owned and operated facilities in Dunedin, New Plymouth and Blenheim before returning home to Christchurch. Building started six months after the February 2011 earthquake.
Adamson said the parcel of land for the village had been bought from property investor Bill Horncastle, of Horncastle Homes, on the agreement that he stay in as an investor. The $20m first phase of the project was now completed on about a third of the site.
- The Press
How should the council plug its financial black hole?Related story: Council coffers fall short for rebuild funding