NZX-listed retirement village company Summerset has been granted resource consent to build a $70 million complex at its site on Hingaia Road, in Karaka, on Auckland's southern outskirts, the company said.
The 3.6ha village will be the company's 17th and its third in the Auckland region.
Construction at Karaka is expected to start this year, with the first stage of homes completed in late 2014. The village will be made up of about 120 homes including villas, townhouses, and care apartments. It will also have a 49-care bed centre offering rest home and hospital-level care.
Shares in Summerset last traded at $3.06, unchanged from Monday's close.
