North Island-based Summerset retirement homes has bought a 1.8ha block of land in Dunedin for $1.4 million as its entry point into the South Island.
The Overseas Investment Office yesterday released decision summaries for December, granting consent for Summerset, which is 97% Australian-owned and 3% New Zealand-owned, to buy the land in Shetland St.
The land was bought from Grey Ghost Properties Ltd, which was understood, but not confirmed, to be a Queenstown-based family company.
Summerset's general manager of marketing and sales could not be contacted yesterday.
Summerset was founded in 1994 and provides village lifestyle and care facilities to more than 1450 people, serviced by a staff of more than 360.
The company has retirement villages in Taupo, Havelock North, Aotea, Palmerston North, Wanganui, Manukau, Levin, Paraparaumu, Trentham, Napier, Hastings and Warkworth, according to its website.
It is owned by AMP Capital Investors and Quadrant Private Equity Group.
A statement released by the Overseas Investment Office said beside the 12 retirement villages, the company owned three properties, "land banked for further development".
"The proposed [Dunedin] acquisition is part of Summerset's strategy to expand throughout New Zealand and this will be their first acquisition in the South Island," the statement said.
Summerset's website said several villages were in various stages of development, in Napier, Aotea (near Porirua) Manukau, Hastings and Warkworth, and more villages were planned in the North Island, at Waimauku and Karaka.
