The Royal New Zealand Foundation of the Blind (RNZFB) and partner Generus Living Group are well underway creating New Zealand’s first six-star retirement village, with construction of the first building due for completion later this year.
Situated at the Foundation’s historic grounds in Parnell, Auckland, the Foundation Village development will offer a unique location and amenity while supporting the charity’s long-term financial sustainability and thus the work of its service arm, Blind Low Vision New Zealand (BLVNZ), said RNZFB chair Judy Small.
To fund the development, RNZFB sold a portion of its precinct to the joint venture on a 100-year leasehold basis and will profit from an equal share in future earnings from the new retirement village. For many years the board has worked with advisers to find the best way to leverage the charity’s assets to deliver better long-term sustainable funding, said Small. This investment has already allowed the charity to fund two new offices in South and West Auckland, recognising the need in those areas, without dipping into everyday funding, she said.
Generus’ design includes stone facades to complement the site’s existing heritage buildings. Initially it will include two buildings housing 116 apartments within the 2.5ha precinct on the corner of Parnell Road and Maunsell Road. This part will also include purpose-built premises for RNZFB and BLVNZ, while a third stage containing a hospital and memory-assisted facilities is in the pipeline.
