Summerset Buys Land in Prebbleton, Christchurch

Summerset Group Holdings Limited
Level 27 Majestic Centre, 100 Willis St, Wellington
PO Box 5187, Wellington 6140
Phone: 04 894 7320 | Fax: 04 894 7319
Website: www.summerset.co.nz


NZX & ASX RELEASE

27 November 2019


SUMMERSET BUYS LAND IN PREBBLETON FOR 4
TH
CHRISTCHURCH VILLAGE

Summerset has announced the purchase of land for a retirement village in Prebbleton, Selwyn
District, southwest of Christchurch.

The 9ha property is on Springs Road, just 400 metres from the local shops, and close to key
public transport routes into Lincoln and central Christchurch.

The new retirement village will feature approximately 290 homes, including two and three-
bedroom villas, apartments, serviced apartments, rest home and hospital level care, as well as
Summerset’s purpose-built Memory Care Centre for people living with dementia.

Summerset CEO Julian Cook said Prebbleton was a growth area with plans for a new retail
precinct, supermarket, doctor’s surgery, pharmacy and café to be built in the immediate village
area.

“We are delighted to have secured a site in Prebbleton, which is well suited to people who want
to retire to a semi-rural setting but also want to be close to the attractions and conveniences of a
city,” Mr Cook said.

In the Prebbleton catchment area, the number of people aged 75+ is forecast to increase by 80
per cent over the next decade. The current 75+ population is around 4,300 people.

The mushroom processing plant currently onsite is expected to exit by mid-2020. The plant’s
existing buildings will be removed and the site remediated before village construction begins.

Total investment in the village construction will exceed NZ$150 million and will employ more
than 300 people during the building phase. Up to 70 further permanent jobs will be created when
the village opens. An opening date has not yet been determined, but design and consenting
work will start immediately.

Summerset also operates retirement villages in Wigram, Casebrook, and Avonhead in
Christchurch.

Summerset announced an underlying profit of NZ$47.8 million for the first half of 2019 and has
recently announced the purchase of land for its first retirement village in Melbourne, Australia.

Image: aerial view of the new Summerset retirement village site on Springs Road, Prebbleton.

ENDS

For investor relations enquiries: For media enquiries:
Margaret Delany Jenny Bridgen
Head of Finance Communications Manager
margaret.delany@summerset.co.nz jenny.bridgen@summerset.co.nz
021 558 262 021 408 215

ABOUT SUMMERSET

• Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 28 villages completed or in development across the country. In addition,
Summerset has 12 sites for development in Milldale (Auckland), Parnell (Auckland), St
Johns (Auckland), Prebbleton (Canterbury), Rangiora (Canterbury), Waikanae (Kapiti
Coast), Blenheim (Marlborough), Bell Block (New Plymouth), Whangarei (Northland),
Cambridge (Waikato), Lower Hutt (Wellington) and Melbourne, Australia, bringing the total
number of sites to 40.
• It provides a range of living options and care services to more than 5,300 residents.
• Silver Award winner of the Reader’s Digest Quality Service Awards in 2019.
• The Summerset Group has villages in Aotea, Avonhead, Casebrook, Dunedin, Ellerslie,
Hamilton, Hastings, Havelock North, Hobsonville, Karaka, Katikati, Kenepuru, Levin,
Manukau, Napier, Nelson, New Plymouth, Palmerston North, Papamoa Beach,
Paraparaumu, Richmond, Rototuna, Taupo, Te Awa, Trentham, Wanganui, Warkworth
and Wigram.