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Summerset eyes new Nelson village

NZ NewswireNZ Newswire 22/05/2016 Sophie Boot

Summerset Group plans to build a second retirement village in Nelson after buying an eight-hectare site in Richmond.

The Wellington-based company intends to build a 280-unit village on the site, adding to its existing village in neighbouring suburb Stoke.

No price was disclosed for the purchase.

"Our existing village in the Nelson suburb of Stoke is our largest village to date, and has been one of our fastest growing," chief executive Julian Cook said.

He said the second village would meet the growing local demand for both the Tasman District and Nelson City areas where it estimates the over-75 population will more than double by 2033.

Summerset has been acquiring land and accelerating its construction rate as the 'baby boomer' generation enters retirement age, with expansion plans underway in Auckland and Christchurch.

In April, Mr Cook said the company aimed to double its national footprint over the next six years.

The Richmond site is Summerset's fifth location in the South Island, bringing the total number of sites to 27 nationwide.

The shares last traded at $4.68 and have gained 15 per cent so far this year.

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