\u201cIt represents future cash to be released as sell-down progresses. The trajectory is what matters, and our trajectory is a $115m reduction during the year,\u201d she said.<\/p>\n
Oceania’s retirement village at Meadowbank, Auckland.<\/p>\n
Oceania, with $3.1 billion of properties, today declared its full-year results to March 31, 2026.<\/p>\n
It also indicated how tough the market is and how that had impacted its new sales, although it said it was gradually selling places.<\/p>\n
Its aim is to have full properties: \u201cFrom Ruak\u0101k\u0101 in the north to Riccarton in the south, we create places where older New Zealanders can live with purpose, dignity and connection,\u201d it says in its annual report.<\/p>\n
Chief executive Suzanne Dvorak expressed satisfaction with how the company was doing, selling more new places to older people.<\/p>\n
Despite that 60% Auckland unsold figure, she said sales had tracked higher lately.<\/p>\n
\u201cUnsold development stock reduced by 34%, from $342m at FY25 to $227m at FY26, a net reduction of $115m released through disciplined sell-down even as we added 71 new units to the portfolio.\u201d<\/p>\n
Oceania Healthcare chief executive Suzanne Dvorak.<\/p>\n
The company sold 603 units in the latest year, up 16% on 2025.<\/p>\n
\u201cFrom the outset of FY26, we prioritised lifting sales cadence and reducing unsold stock. We finished the year with stronger momentum across the portfolio and improved execution at The Helier, Meadowbank and Franklin Village,\u201d Dvorak said.<\/p>\n
Independent living units worth $157.5m and care suites worth $69.3m are in the unsold development stock.<\/p>\n
Meadowbank 35% unsold<\/p>\n
Oceania’s retirement village at Meadowbank where new stock is unsold.<\/p>\n
The company\u2019s 297-unit Meadowbank property at 154 Meadowbank Rd has a 35% unsold rate at the end of March. The village opened some years ago but further areas have been developed lately.<\/p>\n
Oceania expresses figures in the reverse, saying 65% of that property is either under application to be sold or sold and occupied.<\/p>\n
The new \u014cr\u0101kei Building was opened there in the latest year.<\/p>\n
That had added premium specialist dementia care and completed a more connected care continuum within the village, from independent living through to specialist care.<\/p>\n
The Helier 26% unsold<\/p>\n
Gathering space for the residents and guests of The Helier in St Heliers. Photo \/ Oceania Healthcare<\/p>\n
Oceania also owns $150m luxury village The Helier in St Heliers. <\/p>\n
Today, it said it had sold 74% of the independent living units or apartments there. <\/p>\n
That means 26% of the units are unsold and vacant.<\/p>\n
Oceania cited expansion plans in stage two, saying it can develop a further 16 large units there.<\/p>\n
Indoor pool at The Helier retirement village in St Heliers. Photo \/ Oceania Healthcare<\/p>\n
Two years ago, that property was reported<\/a> to be 69% empty.<\/p>\n Dvorak said the new property had opened on the cusp of the tough economic times so sales were always going to be tricky. <\/p>\n High-end retirement village developments she had worked on in Melbourne and Sydney always took longer to sell, she stressed.<\/p>\n Franklin 20% unsold<\/p>\n Further out in Auckland, Oceania\u2019s new 75-unit Franklin village<\/a> at Pukekohe is 20% unsold.<\/p>\n The company expressed that as 80% sold or under application to purchase a licence to occupy.<\/p>\n In February, Minister for Seniors Casey Costello cut the ribbon at the first stage.<\/p>\n Stage one is 31 villas, a community centre and a resident workshop on a $50m-plus property.<\/p>\n The community centre has a cafe, cinema, resident lounge and bar, wellness centre and a swimming pool.<\/p>\n Villas were designed by Peddlethorp Architects. Generation Homes built the villas and workshop, while Aspec Construction built the community centre.<\/p>\n Annual result<\/p>\n The company increased revenue 6% from $260.6m to $267.1m, but net profit dropped 30% from last year\u2019s $30.4m to $100,000 in the latest year.<\/p>\n Its $3.1b of assets are up on its $2.9b in 2025 year. <\/p>\n Dvorak got $2.4m total pay in the year to March 31, 2026. Short-term incentives are measured on ebidta growth, debt reduction and meeting sustainability and climate outcomes. <\/p>\n The company employs 2200 staff, has sold licences to occupy to 3900 residents, has 2013 care beds and suites for higher-needs residents and owns 30 properties.<\/p>\n Chair Liz Coutts said the board was delighted with the progress made in 2026 and entered 2027 in a materially strong position.<\/p>\n Shareholders will get no dividend this year, but the board said it was committed to resuming those \u201cas cash generation builds\u201d.<\/p>\nOne of the new villas at Oceania Healthcare’s new Franklin Village, Pukekohe. Photo \/ Oceania<\/p>\n
The first stage of the new retirement village in Pukekohe. Photo \/ Oceania Healthcare<\/p>\n