An increasing ageing population has led to a proposed $25 million expansion of a Fendalton retirement home.
Holly Lea Village will build the Morven apartment development, which will add 28 apartments to the site at 123 Fendalton Rd.
Prices for occupation right agreements range from $650,000 to over $1 million.
Executive director Graham Wilkinson said the apartments will be more spacious and well appointed than the typical retirement village apartment and generally have two bedrooms and two full bathrooms.
Already four apartments of the first stage of eight have been reserved.
Mr Wilkinson said Holly Lea’s vision was to provide a complete, upscale retirement village and care facilities for Fendalton residents.
“In the last two years, we have experienced a waiting list and cannot satisfy the needs of senior Fendalton residents wishing to stay in the area,” said Mr Wilkinson.
The existing village was constructed in 2004.
The complex currently consists of one large building which encompasses 19 two-bedroom apartments, 14 one-bedroom apartments and five studio rooms.
“This Morven apartment development is part of satisfying that demand and our wider plan involving a new boutique aged care and memory care hospital for Holly Lea so we can cater for all needs of the immediate community.”
In addition to the $15.5 million costs of the apartments, there are expenses involving land where six houses once stood, design fees, chattels, landscape.
The development is named Morven in reference to the founder of Holly Lea, Alan McLean, who was Scottish and established a large farm close to Waimate in 1866.
He called the local town Morven, before selling to the NZ Government in 1899 and moving to Christchurch.
The first stage will be complete in Spring 2020 and the second stage early in 2021.
Prior to completion, construction will begin on the hospital and memory care facility.