The business of retirement - part two
Retirement villages have become big business locally, ranging from comfortable and modern to luxurious holiday resort style, with price tags from around $1 million to $8.5million depending on what retirees can afford.
Northbrook Arrowtown (Ayrburn), dubbed as ‘a masterpiece in refined later living’ is definitely aimed at the high-end of the market, developer Winton Land CEO Chris Meehan describing it as ‘BMW and Mercedes not Bingo and Bowls Brigade’. It will boast 168 residences, 142 self-care, the rest high-care, and 26 care suites, all well underway.
Prices range from $1.36million (1-bedroom) to $8.5million for penthouses. This all comes with a concierge, library and theatre, heated pool and hydrotherapy spa. Winton external relations manager Sonya Fynmore says they’ve had hundreds through weekly since opening their showhome on 4 May. “We’re really excited about the interest,” she says. “There are a lot of genuine people who either live there, or holiday in Arrowtown, and are considering retiring there.”
Northbrook Wanaka at Northlake which will provide 128 units – a Wine and Whisky Library, pool and spa among the amenities, is well underway. “We’ve had heaps of interest in both Arrowtown and Wanaka,” Fynmore says. “People are loving care as part of the offering. They can retain independent living but if they need care they can move into a care suite.”
Queenstown Country Club has 180 residents – 112 households with villas are still coming on stream. Sales manager Hilary O’Hagan says interest hasn’t slowed despite the economy. End of lifers usually don’t have mortgages and have beautiful homes to sell in the best areas, so there’s been “quite a steady flow” of interest. There are 29 new apartments coming up for sale soon with 17 interested parties with the first residents moving in before Christmas.
Prices range from $1million to $3million with the new apartments and care centre that’s under construction finishing soon. About 70% of residents are from the local area but O’Hagan says they do get people coming from around New Zealand to be nearer to family and grandchildren.
Arrowtown Retirement Village managing director Aaron Armstrong says all 78 completed residences are occupied with another 12 due for completion later this year. Prices range from $1.3million to almost $3million. Another 40 apartments, 20 serviced apartments and an aged care facility will get underway later this year.. Most purchasers are local with a home to sell, but others come from Nelson, Christchurch, and a few from Auckland.
“Demand is really strong,” Armstrong says. “It’s a huge growth industry with so many baby boomers entering the retirement age numbers just keep growing, he says. “It’s an attractive lifestyle.”
QLDC’s ‘Quality of Life’ survey shows that around 4% of over-65s moved to this district in the last two years, 12% in the last five years, indicating they may have moved here to retire.
With a current population just over 50,000, 10% are over 65, QLDC projections estimate that the over-65s will make up 18% of our population, expected to hit just over 100,000 by 2053.
Meanwhile, Metlifecare Wanaka has also been calling for expressions of interest for its $200million ‘premium retirement village’, on 5.4ha within Three Parks comprising 95 independent villas and 30 care suites and catering to around 150 residents.
