One of New Zealand’s largest retirement village and aged care facility operators Arvida have purchased three Sanderson Group villages.
The announcement took place at Bethlehem Shores on Tuesday.
Chief Financial Officer Jeremy Nicoll says Arvida are purchasing the Bethlehem Country Club, Bethlehem Shores and the Queenstown Country Club.
“We launched about four and a half years ago, and so we’ve been talking to Fraser Sanderson about being part of the initial public offering when we launched, but at the time we decided not to go ahead with that, so we’ve been keeping in touch ever since.
“We’ve brought a couple of villages previously off him as well.”
Jeremy says the Sanderson villages purchased by Arvida are very highly regarded.
“They are in great locations, Fraser has done a great job in terms of the building and the design of these villages, quality assets are always of benefit to our overall group.”
Arvida now has 32 villages across the country, and Jeremy says they are looking to develop their current units, as well as building new villages from scratch.
Following the sale of three villages, Sanderson now have two villages, the Omokoroa Country Estate and the Tamahere Country Club between Hamilton and Cambridge.
Sanderson Group owner and chairman Fraser Sanderson says it wasn't an easy decision to sell three of his villages.
"It was tough as these villages represent the pinnacle of my life's work."
Fraser says he is happy with his choice to sell to Arvida.
"It was important I found a safe pair of hands to look after the villages and my residents.
"We already had a good relationship as I had previously sold Cascades retirement village and Bethlehem Views aged care facility to Arvida."
In regard to the villages Fraser still owns, he says the Omokoroa Country Estate is his first village and his children were raised there, so it is close to his heart. In terms of the Tamahere Country Club, he has passed the baton to his son Nathan, who will continue to develop it.
Following Fraser's decision to sell three Sanderson villages, he says he plans to give retirement a go, as he and his wife head to Europe for a few months travelling in their campervan.