Fletcher Building unveils Vivid Living retirement business

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Fletcher Building has announced the launch of Vivid Living, its innovative new business bringing a unique offer to the retirement living market.

Vivid Living’s first homes will be built in the popular Fletcher Living communities of Waiata Shores and Red Beach in Auckland, and be available for customers to view and sign up for from March 2022.

Vivid Living is designed for residents aged 70-plus to continue to live in an independent home, supported by in-home healthcare options which can be tailored to their individual needs, and accessed and paid for when and how they need it.

This approach differs from most traditional retirement living offerings in several significant ways — including being designed as an integrated part of the surrounding community rather than in isolation from it, and by delivering a fairer financial structure.

Residents moving into a Vivid Living community will enter an Occupational Rights Agreement (ORA) with a 15% Deferred Management Fee (DMF) — lower than most traditional villages.

Additionally, when the time comes to leave the community, residents will share in 50% of the capital gains, less the cost of refurbishment, that results from the sale.

Vivid Living’s initial homes will include 27 single-level villas at Waiata Shores, South Auckland, and 48 single-level villas at Red Beach, north of Auckland. They are expected to be available for sale in the first quarter of 2022.

Fletchers research into the sector indicated that making smart financial choices was one of the factors considered when comparing the various residential options during retirement years.

“People work really hard to build up their retirement nest egg and they, rightly, want to balance protecting this with enjoying their non-working years,” Fletcher Residential and Development chief executive Steve Evans says.

“Understanding this, and knowing people considering retirement living want to be supported by the right level of care while being surrounded by like-minded people became key drivers for us, as we developed our offer.

“Residents will have varying care needs they want supported. With this in mind, we have partnered with one of New Zealand’s largest in-home healthcare providers, Private Care NZ from the New Zealand Health Group, to provide tailored care arrangements for our residents.

“Private Care NZ’s strong reputation for supporting people to live independently through their network of specialised care providers gave us the confidence to develop a point of difference for Vivid Living.

“Residents will be able to tailor a healthcare package that works for them, meaning they will only pay for what they need, when they need it.

New Zealand Health Group chief executive Josephine Gagan says it’s a privilege to be chosen to partner with Fletcher Building in a shared vision to embrace innovation to improve people’s lives and enable them to enjoy what their community has to offer.

“Our highly trained staff offer services that are as unique as the individual to make them to feel right at home and make every day easier,” she says.

“Starting with a base care package, residents can tailor services to support their individual needs and self-directed care — and if needs be, choose from the wide range of innovative services we can offer.”

Additionally, all Vivid Living independent homes will be equipped with touchscreen technology from Spritely, which allows residents to stay connected with other residents, family and friends using age-friendly technology.

Evans says people have said retiring from work is not retiring from life, and that there is importance placed on removing some of the mundane aspects of home ownership.

“We absolutely agree, and a move to a Vivid Living community will mean residents can spend more time doing the things they want to, secure in the knowledge they are also making smart choices about their individual care needs and finances.

“We understand that making a lifestyle choice to move to retirement living is a big decision. Vivid Living provides a very different proposition to what the market generally offers,” Evans says.

Fletcher Retirement Ltd will trade as Vivid Living. It is currently undergoing Statutory Supervisor due diligence, and will apply for registration under the Retirement Village Act 2003.

For more information, or to register interest, visit vividliving.co.nz.

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