Oceania Healthcare’s 2026 full-year result: $227m of unsold development stock
Lounge area within The Helier retirement village. Photo / Oceania Healthcare
Oceania Healthcare has $227 million of unsold development stock nationally, with new but never-sold places at St Heliers, Franklin and Meadowbank properties detailed.
The listed retirement village owner and operator said today that unsold development stock as of March 31 was:
- 60% in Auckland;
- 35% in the North Island excluding Auckland;
- 5% in the South Island.
The 60% Auckland figure is sites with unsold development stock, spread over nine villages, including the company’s Lady Allum, The Sands, Waterford, Meadowbank, Eden, Remuera Rise, The Helier, Elmwood and Franklin villages.
An Oceania spokeswoman said unsold development stock was a normal feature of a staged-development business.
“It 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,” she said.
Oceania, with $3.1 billion of properties, today declared its full-year results to March 31, 2026.
It also indicated how tough the market is and how that had impacted its new sales, although it said it was gradually selling places.
Its aim is to have full properties: “From Ruakākā in the north to Riccarton in the south, we create places where older New Zealanders can live with purpose, dignity and connection,” it says in its annual report.
Chief executive Suzanne Dvorak expressed satisfaction with how the company was doing, selling more new places to older people.
Despite that 60% Auckland unsold figure, she said sales had tracked higher lately.
“Unsold 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.”
The company sold 603 units in the latest year, up 16% on 2025.
“From 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,” Dvorak said.
Independent living units worth $157.5m and care suites worth $69.3m are in the unsold development stock.
Meadowbank 35% unsold
The company’s 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.
Oceania expresses figures in the reverse, saying 65% of that property is either under application to be sold or sold and occupied.
The new Ōrākei Building was opened there in the latest year.
That had added premium specialist dementia care and completed a more connected care continuum within the village, from independent living through to specialist care.
The Helier 26% unsold
Oceania also owns $150m luxury village The Helier in St Heliers.
Today, it said it had sold 74% of the independent living units or apartments there.
That means 26% of the units are unsold and vacant.
Oceania cited expansion plans in stage two, saying it can develop a further 16 large units there.
Two years ago, that property was reported to be 69% empty.
Dvorak said the new property had opened on the cusp of the tough economic times so sales were always going to be tricky.
High-end retirement village developments she had worked on in Melbourne and Sydney always took longer to sell, she stressed.
Franklin 20% unsold
Further out in Auckland, Oceania’s new 75-unit Franklin village at Pukekohe is 20% unsold.
The company expressed that as 80% sold or under application to purchase a licence to occupy.
In February, Minister for Seniors Casey Costello cut the ribbon at the first stage.
Stage one is 31 villas, a community centre and a resident workshop on a $50m-plus property.
The community centre has a cafe, cinema, resident lounge and bar, wellness centre and a swimming pool.
Villas were designed by Peddlethorp Architects. Generation Homes built the villas and workshop, while Aspec Construction built the community centre.
Annual result
The company increased revenue 6% from $260.6m to $267.1m, but net profit dropped 30% from last year’s $30.4m to $100,000 in the latest year.
Its $3.1b of assets are up on its $2.9b in 2025 year.
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.
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.
Chair Liz Coutts said the board was delighted with the progress made in 2026 and entered 2027 in a materially strong position.
Shareholders will get no dividend this year, but the board said it was committed to resuming those “as cash generation builds”.
Anne Gibson has been the Herald’s property editor for 26 years, written books and covered property extensively here and overseas.
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