$12.5 million to live in ASX-listed Winton Land’s first vertical retirement village in Auckland’s CBD
“We did a lot of research and the demography was very strong. There are a lot of people in their 70s and 80s and a lot of them have a lot of money. There’s nothing that caters to them at the moment. People really want to be looked after,”...
Winton Land, which also lists on the New Zealand Stock Exchange, has said it will charge at least NZ$13.75 million for 604msq four-bedroom penthouses in a vertical retirement village being built on part of the Wynyard Quarter in Auckland’s CBD in NZ. The 154-unit, 12-storey Northbrook Wynyard Quarter will be NZ’s highest-price retirement village. Occupation right agreements on the two double-height penthouses are being marketed at NZ$13.75 million each, with a 30% Deferred Management Fee resulting in NZ$4.1 million being lost after four years. Occupation right agreements on one-bedroom 62msq-90msq units start from NZ$1.45 million, two-bedroom two-bathroom 98msq-268msq units from NZ$2.25 million, three-bedroom two-bathroom 260msq-550msq from NZ$3.15 million, and four-bedroom, 3.5 bathrooms 375msq-604msq units from NZ$10.95 million. A display suite has been open for the village, which will be built by Icon. It also plans to build a 50-bed hospital offering higher-level care for the village residents.
“We did a lot of research and the demography was very strong. There are a lot of people in their 70s and 80s and a lot of them have a lot of money. There’s nothing that caters to them at the moment. People really want to be looked after,” Winton Land CEO chief executive Chris Meehan told the New Zealand Herald. “They’re used to driving BMWs and Mercedes, flying first or business class and that buyer is not going to go into a Ryman or similar. We thought there was enough evidence to say there are wealthier retirees who would want to live out their years in a five-star hotel-like setting.”
