News | Health & Safety
25 Apr 2018 20:24
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Health & Safety

    Retirement village for prime Auckland land

    Oceania Healthcare will buy nearly 1ha of land in Auckland's St Heliers, tied up for almost four years by litigation, and develop it for a retirement village.


    Oceania Healthcare has agreed to buy a vacant lot in Auckland's St Heliers valued at $15.6 million for an undisclosed sum, which it plans to develop into a new retirement village.

    The Auckland-based company entered into an unconditional deal to buy the 8945 square metre site, which is expected to settle at the end of the week, it said on Monday.

    Oceania plans to develop an integrated retirement village and aged care facility on the site, which overlooks Auckland's harbour, and will start work on getting the appropriate consents immediately.

    "This is Oceania Healthcare's first greenfield acquisition and adds to its substantial brownfield development pipeline, which will maintain development activity for seven-to-eight years into the future," chief executive Earl Gasparich said.

    The land was put up for sale by liquidators KPMG in an international tender.

    The property had been tied up for almost four years by litigation between developer Greg Oliver and his former partner Sarah Sparks, real estate agency Bayleys said in October.

    At the time, the realtor said the land had a council valuation of $15.6m and was zoned for residential-mixed housing, allowing for the building of one- and two-storey standalone homes.

    Oceania raised $200m earlier this year in an initial public offering, of which $173.4m went to repay debt, which it said would give it headroom to fund development projects. Another $16.1m went to acquire the title of a care facility the company was leasing and $10.5m covered the offer costs.

    As at May 31, Oceania held $10.9m of cash and equivalents, generating operating cash flow of $38.9m and spending $81.1m on investment activities. Net debt was $84.4m.

    The shares last traded at 96 cents, having gained from 79 cents in the May IPO.


    NZN




    © 2018 NZN, NZCity


     Other Health & Safety News
     25 Apr: Immune system studies exciting: professor
     24 Apr: Elderly, tourists not buckling up: report
     24 Apr: Australian public hospitals cannot meet rising demand for obesity care, experts warn
     24 Apr: Push for portable gas heaters to be banned
     24 Apr: 75pc of elderly at risk of malnourishment
     23 Apr: Duchess of Cambridge goes into labour, Kensington Palace says
     23 Apr: Gynaecologist failed to get consent
     Top Stories

    RUGBY RUGBY
    Squire unlikely for French Tests More...


    BUSINESS BUSINESS
    NZ shares mixed ahead of Anzac Day holiday More...



     Today's News

    Entertainment:
    Kim Kardashian West sometimes feels “overwhelmed” by her fame 19:53

    Netball:
    Netball NZ refuses to let the Sunshine Girls take the Taini Jamison Trophy back to Jamaica 19:46

    Entertainment:
    Karen Gillan says Robert Downey Jr. always hosts lunch for the cast of the ‘Avengers’ franchise 19:23

    Rugby League:
    NRL round-eight preview panel 19:06

    Entertainment:
    Catherine, Duchess of Cambridge, and her newborn son have left the hospital 18:53

    International:
    Harry, Meghan honour Anzac dead in London 18:46

    Entertainment:
    Prince William and Catherine, Duchess of Cambridge, have thanked hospital staff who helped deliver their third child 18:23

    Entertainment:
    Prince William has left St Mary's Hospital in London following the birth of his third child 17:53

    Motoring:
    China's first home-built aircraft carrier Type 001A readies for maiden journey at sea 17:26

    Auckland:
    Two dead in Auckland motorcycle crashes 17:26


     News Search






    Power Search


    © 2018 New Zealand City Ltd