New Zealand’s second largest retirement village operator Summerset, in announcing its annual results for 2022, said presales for apartments of its first village in Australia will begin post July.
Summerset, led in Australia by Stewart Scott – GM Development Australia, has bought seven sites for its continuum of care retirement villages in Victoria. The first apartments on its site in Cranbourne North are near completion.
Summerset also has been given planning approval for its second village in Melbourne – in Chirnside Park.
It bought two new sites in Australia last year – in Mernda and Drysdale.
Summerset CEO Scott Scouller reported the operator’s full year profit fell from $543.7 million in 2021 to $269.1 million in 2022 due to a fall in the value of its properties in NZ. It did achieve a record underlying profit of $171 million.
