Wanaka retirement options are set to increase significantly, major retirement village provider Metlifecare having just announced it will build a $200million premium retirement village at Three Parks.

Metlifecare has bought 5.4ha of land from Three Parks developer Allan Dippie and is planning 120 villas and 17 apartments, providing a full continuum of care from independent living through to residential aged-care services.

The developer is now appointing an architect. Once designs and resource consent have been finalised, building should begin next year, with the first stage anticipated for completion in 2025.

Metlifecare has 32 villages in the North Island, caring for 6500 seniors and employing 1700 staff.

The Wanaka land purchase marks the company's return to the South Island after selling villages in Nelson and Christchurch about 10 years ago, during a rationalisation phase.

Metlifecare chief executive Earl Gasparich said it was a "milestone day" and a significant step in increasing the company's geographical footprint. The central location, close to Wanaka's golf course, recreation centre, swimming pool and other amenities, "ticks all the boxes for a premium retirement living destination", Gasparich said.

"We're looking forward to engaging extensively with the local community through the design and development process. We are committed to ensuring our village will be a valuable and proud part of the Wanaka community," he said.

Options for senior living in Wanaka are limited at present because the two existing villages are full and have waiting lists.

Aspiring Lifestyle Retirement Village has 124 villas and 16 apartments, while Wanaka Retirement Village has 14 villas, three cottages and 11 apartments.

The Presbyterian Support Otago-Aspiring Enliven joint venture also offers a total of 83 rest-home/aged-care rooms across Elmslie House in Meadowstone and Aspiring Enliven in Cardrona Valley Rd.

Metlifecare's development would create 140 construction jobs locally, and once fully operational, would employ about 50 people.

Three Parks subdivision developer Allan Dippie, of Wanaka, said he was delighted to welcome Metlifecare and hoped more significant projects in Three Parks would be announced over the next few months.

"It's actually the first residential development for Three Parks, which until now has been focusing on commercial, retail, recreational and educational initiatives.

"It's a very exciting project for Wanaka ... Metlifecare wants to get started on the project as soon as possible, so from our end we are swinging straight into action with the earthworks [for roads and infrastructure]," he said.

Wanaka is one of the country's fastest-growing towns, with a population in 2021 of 16,250, according to Infometrics (up from 9270 in 2011 and 4840 in 2001).

Wanaka's two existing retirement living providers are also planning more development to cater for demand.