Summerset (ASX:SNZ) has been given the green light for its $150 million retirement village in Boulcott, Lower Hutt, New Zealand after resource consent was granted by the Environment Court.
The retirement village will provide homes for more than 300 residents and was good news for locals who wanted options to retire in their own community.
Population forecasts show Lower Hutt’s over-75 population will grow by more than 100 per cent over the next 20 years.
Construction of the village was likely to start in 2021 and would create jobs in the local economy.
Shares in Summerset (ASX:SNZ) last traded at $10.13.