Retirement village builder and operator Ryman Healthcare says first quarter trading is ahead of last year and it plans to build its 28th retirement village in Petone in the Hutt Valley.
"We have reviewed the first quarter's trading and I'm pleased to advise that we are trading well and ahead of last year," chairman Dr David Kerr told the annual shareholders' meeting.
The company reported a record underlying net profit of $84 million for the year ended March 31, up 17 percent, and unrealised valuation gains boosted the bottom line to $121 million.
Ryman is building 700 retirement units and aged care beds a year.
Mr Kerr said the new 3.3 hectare site which was once the Petone High School will be developed into a village providing the full continuum of care from independent and services apartments to rest-home, hospital and dementia care facilities.
"It's a magnificent site for a village on the flat overlooking the Hutt River and surrounded by reserves on three sides, including Sladden Park," Mr Kerr said.
"The residents will enjoy wonderful vistas in every direction - to the Western and Eastern hills of the Hutt, to the Tararuas in the north and across Wellington Harbour to the city."
Lower Hutt is under-serviced by aged care facilities relative to other cities around New Zealand and has a growing retired population, the company said.
"The NZ Government has recognised the need for an additional 12,000 to 20,000 care beds to meet the projected growth in demand over the next 15 years."
NZN