NZ-based operator Summerset Group has painted a sunny picture of its outlook at its Annual General Meeting, with development underway on its first Australian retirement village in Victoria.

Summerset, which posted a NZ$141.1 million underlying profit for the year ending 31 December, 2021, has five sites earmarked for villages in Australia, one of which – at Cranbourne North – has received consent; development of 145 villas and townhouses, 72 aged care units, 50 serviced apartments and a public reserve has now begun.

According to Summerset Chair Mark Verbiest (pictured), the five Australian sites give Summerset “excellent capacity” looking forward.

“The team has done a great deal of research in the market and have tailored our offering to ensure it meets the specific needs of Australians.

“We also have an experienced team on the ground in Australia, with industry knowledge and relationships that will help us take advantage of the many opportunities the country offers,” he said.