Ryman Healthcare : buys fifth site in Melbourne

13 October 2016

Ryman Healthcare buys fifth site in Melbourne

Prime site in Coburg set for redevelopment

Ryman Healthcare has purchased a new site in Melbourne which it intends to develop into a $200 million retirement village.

Ryman will be consulting with local residents before applying for consent to build a village on the 1.2-hectare site in Coburg, about 10km from Melbourne's CBD.

Ryman Managing Director Simon Challies said the Coburg site was ideal for retirement living. The new village would include independent living and serviced apartments as well as an aged care centre offering comprehensive care. Dementia care will also be provided at the village.

'Coburg is an established suburb close to central Melbourne and our research shows that retirement living options are limited in the area compared to the size of the older population. We want to build a village with comprehensive care so Coburg retirees can stay in the area they love without having to move to get help. It will be the first village of its kind in the area which has a significant older population.''

The site is close to the heart of the Coburg's vibrant shopping and restaurant district. It borders the Coburg Lions AFL ground and a reserve. The median house price in the area is A$813,000 compared to the Melbourne median of A$725,000.

The site, which was formerly a school, had been previously approved for a large residential development. The resort-style village will include an indoor swimming pool, spa pool, library, hair and beauty salons, café, movie theatre and a bowling green.

Ryman Healthcare has been in business for 32 years and is New Zealand's largest retirement village operator. Ryman opened its first village in Melbourne in 2014 and Coburg is its fifth site in Victoria.

Mr Challies said the Coburg site was significant for Ryman.

'In May 2015 we set ourselves the target of having five villages open in Melbourne by 2020. This means we are well on target to achieve that goal.''

'We have a great team in Melbourne already which we will continue to expand quickly to enable us to meet our ambitions.''

Ryman Development Manager Andrew Mitchell said he would be consulting closely with the community during the design process to ensure that the village met local approval.

'We want to design a village that the community will welcome. It is a great spot - not only because it overlooks the Coburg oval and a reserve but it will also give residents views of Melbourne city.''

Ryman Healthcare in Victoria:

Weary Dunlop Retirement Village: Opened 2014, the village on Jells Rd, Wheelers Hill is home to 400 residents. The final stage was completed in February 2016.

Brandon Park: Located on Brandon Park Drive, in East Melbourne, an application to build a village on the 5.5-hectare site is currently being considered by Monash City Council.

Burwood East: The 2.5-hectare site is part of a wider residential and retail redevelopment by Frasers in the eastern suburbs. It is in the design phase.

Moondah Estate, Mt Eliza: Situated 55 km from the Melbourne CBD, Ryman announced it had bought the 8.9-hectare waterfront site in September 2016.

Coburg: The 1.2-hectare site at 81A Bell Street is in an established part of north Melbourne and is 10km from the CBD.

About Ryman Healthcare: Ryman was founded in 1984 and has become one of New Zealand's largest listed companies. The company owns 30 villages and serves 10,000 residents in New Zealand and Australia. Each village offers a combination of retirement living and aged care.

Media advisory: For further information, photos, interviews or comment please contact Ryman Healthcare Corporate Affairs Manager David King on 021 499 602 ([phone])