Retirement village operator Summerset is set for major growth in its key market of Auckland after gaining environment court approval for a $120 million development.
The 7.6-hectare village on Hobsonville's waterfront will house about 350 residents in villas, apartments, and a 90-bed centre providing rest home and hospital care.
Building work on the first stage of villas and townhouses is expected to start by the end of the year.
The project, called Summerset at Monterey Park, was declined by Auckland Council earlier this year on its resource consent application.
But Summerset chief executive Norah Barlow says the company worked with the council over the past few months to reach agreement on an amended design before going to the Environment Court.
Ms Barlow says the five-year development will be funded through bank loans and Summerset has no plans for a capital raising.
She says the Hobsonville project is one of three planned new developments for Auckland.
Summerset is the country's third largest retirement village operator, and the second largest developer of villages with 17 across the country.
