Retirement village operator expands Tauranga facilities

By Christine Nikiel

Friday 26th April 2002



BAYSWATER BOOM: Metlifecare's existing Bayswater villas in Mt Maunganui - soon to be joined by many more

Retirement village operator Metlifecare has started a multimillion-dollar expansion programme on its retirement village in Mount Maunganui.

Work on the company's Bayswater retirement village is estimated to cost more than $3 million and is part of Metlifecare's wider plans to build up to 200 villas and apartments on its 2.8ha block of land.

The expansion programme would be done in three stages, with about 44 being built in the first two stages, Metlifecare chief executive Gavin Aleksich said.

Stage one, which includes the construction of 24 villas and some roading and infrastructure work, is expected to be completed in November. Mr Aleksich said the company wanted presales of at least 20 villas before stage two would begin.

Prices range from $239,000 to $285,000 for the two- to three-bedroom villas.

Meanwhile, the company has been busy in other provinces with two new care facilities opening in the next two weeks.

Metlifecare's Palmerston North care facility - a conversion of an existing care facility to a 20-bed hospital and an 18- bed nursing home - opens today, while the 30-bed Coastal Villas hospital in Paraparaumu opens on May 2.

Although Tauranga has a number of retirement homes, Metlifecare is well-established there, as well as throughout the country. Its 15 retirement villages nationwide have a gross value of $350 million.

The company has been cutting back on its new property development to focus on its role as a business operator. But Mr Aleksich said the Tauranga expansion programme was a major initiative for Metlifecare, and was "part of the company's business strategy to unlock the value of existing land holdings through a long-term and prudent development plan."

Metlifecare recorded a profit of $7.2 million for the year, compared with $474,000 for 2000.

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