Summerset acquires seventh Australian site

NZX & ASX RELEASE

17 November 2022

SUMMERSET CONTINUES GROWTH ACQUIRING SEVENTH AUSTRALIAN SITE AND CONSENT GRANTED AT CHIRNSIDE PARK

Drysdale

Summerset Group Holdings today announced the purchase of its seventh property in Victoria, at Drysdale.

Summerset Chief Executive Officer Scott Scoullar said the 9.96ha site at Drysdale, about 20km east of Geelong, was in an established area that is well-serviced by a range of social, recreational and retail amenities.

“Drysdale is a popular location on the Bellarine Peninsula adjoined with the suburbs of Clifton Springs and Curlewis. It provides excellent access to numerous amenities in the area including Clifton Springs Foreshore Reserve, Clifton Springs Golf Club and the Lake Lorne Recreation Reserve.

The local area has recently benefited from significant investment in infrastructure including a A$117m bypass designed to improve access and reduce traffic congestion through the town centre,” Mr Scoullar said.

“We know that many people like to retire in their neighbourhood, so we look forward to giving local residents in the northern Bellarine Peninsula an opportunity to do just that. We imagine the proposed village will be very popular with Victorians from all over the state looking for the opportunity to live in a beautiful lifestyle location.

“Our village will offer a full range of high-quality accommodation, including independent living serviced apartments and a residential aged care home.

Mr Scoullar said Summerset was continuing to grow its Australian presence to meet the demands of a rapidly growing aging population, with the number of people aged 75-plus forecast to increase 140 percent, to 4.1 million, over the next 30 years.

“We’re really pleased to have secured this land at Drysdale and the Australian team continue to make good progress on our development pipeline,” Mr Scoullar said.

Chirnside Park

Mr Scoullar said Summerset was pleased to have received consent for its second Australian village with construction starting next year.

“In early November, the planning permit for the new village at Chirnside Park was unanimously approved by the Yarra Ranges Council. It is pleasing to have secured the permit in under nine months which now paves the way for construction to commence in 2023. The team are now preparing for construction of the new village which is located within the town centre and will deliver a range of retirement units, serviced apartments and a premium aged care home.”

Cranbourne North

Summerset’s first Australian village is at Cranbourne North with construction well underway.

“Construction work at Cranbourne North continues to progress well. Civil road works and major services upgrades are under way and the first retirement villas will be delivered in late 2023.

“Summerset prides itself on offering a continuum of care model where, as a resident’s needs change, so can their living arrangements. We’re looking forward to bringing our model of care and high-quality retirement living to Australians.”

ENDS

For investor relations enquiries:
Will Wright
Chief Financial Officer
[email protected]
+64 21 490 251

For media enquiries:
Louise McDonald
Senior Communications & Media Advisor
[email protected]
+64 21 246 3793

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Announcement PDF