Retirement Village Seminar - February 2019

At our Retirement Village Seminar Partners Andrew Monteith, Bianca Tree and Janine Stewart discussed Acquisition and development for the year ahead.

Key points from the seminar include:

  • Residential land is now “sensitive land” requiring consent under the Overseas Investment Act 2005, which will impact retirement developments;
  • The amended Act provides a new specific OIO consent pathway for new retirement developments or developments which increase the number of dwellings on a site;
  • The Auckland Unitary Plan has provided for more intensive development, however it is still placing constraints on the form of development that retirement village operators are wanting to achieve;
  • The National Planning Standards and the Urban Development Authority may provide opportunity to maximise development potential;
  • A dispute forum is an inefficient place for parties to construction contracts to deal with risk allocation; risk allocation should be dealt with at an early stage of a project;
  • Risks for contracts all differ and require the negotiation of some bespoke terms and conditions, so it is important for parties to consider the form of a contract; and
  • It is not enough for a principal to rely on “clever contracting” or a contractor on variations and extensions of time to combat risks. Risks should be priced before the project begins.

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