Overseas investment decision for case 200710052 - Summerset Villages (Warkworth) Limited and Summerset Properties Limited

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Summerset Villages (Warkworth) Limited and Summerset Properties Limited, both wholly-owned subsidiaries of Summerset Holdings Limited (Summerset), propose to acquire the land situated at Warkworth to establish a high quality retirement village that provides accommodation and recreational activities for residents and care facilities comprising a hospital and rest home. Summerset is the third largest retirement village operator in New Zealand owning and operating a portfolio of ten retirement villages together with two stand-alone care amenities in the North Island. The proposed acquisition is part of Summerset's strategy to expand throughout New Zealand.

The proposal is likely to result in the following benefits:

1. the creation of new job opportunities;
2. enhanced domestic services for persons requiring aged care and retirement village services; and
3. the introduction of additional investment for development purposes; and
4. enhanced public walking access to the Mahurangi River.