Summerset snaps up 3 new properties, lifts first-half underlying profit

Summerset snaps up 3 new properties, lifts first-half underlying profit
Summerset's 1H net profit was down on lower fair value movement in investment property. (Image: Summerset)
Rebecca Howard
Summerset Group has snapped up two new properties in New Zealand and one in Australia for more than $600 million as it continues to strengthen the portfolio.The NZ acquisitions are in Masterton (Wairarapa) and Rotorua (Bay of Plenty), while the Australian purchase is in Mernda (Victoria).The NZ sites will each offer more than 300 units and give Summerset enough secured land to more than double the size of its current NZ business.Mernda is Summerset’s sixth Australian site and offers the capacity to build approximately 1,700 units in Victo...

More Property

Leighs opts out of Scott Base build
Infrastructure

Leighs opts out of Scott Base build

The Antarctic contractor is focused on offices, healthcare and apartments.

Two housing projects snare first fast-track panels
Policy

Two housing projects snare first fast-track panels

Applications opened on Feb 7. Now we have our first panels.

Oliver Lewis 08 May 2025
NZ Super Fund, Russell, Lockwood want to sell $600m+ hotel portfolio
Property

NZ Super Fund, Russell, Lockwood want to sell $600m+ hotel portfolio

The Adina Apartment Hotel Auckland is one of seven properties for sale.

Staff reporters 07 May 2025
Property flipping 'pushing up prices': Valuer
Property

Property flipping 'pushing up prices': Valuer

Rapid trading, sometimes on the same day, is hurting low-income buyers, valuer says.

Maria Slade 07 May 2025