Ryman Healthcare : buys third Melbourne site

01 February 2016

Media release - February 1, 2016

Ryman Healthcare buys third Melbourne site

Ryman Healthcare has bought its third retirement village site in Melbourne's eastern suburbs.

The 2.5-hectare site in Burwood East will be redeveloped into a $200 million (A$183 million) retirement village with independent living apartments and an aged care centre which will include specialist dementia care.

The new village will also feature resort-style amenities including a swimming pool, café, gym, beauty salon, library, movie theatre and bowling green and will be home to more than 400 residents.

Ryman has entered into an unconditional contract to buy the site which is part of a Frasers Property Australia redevelopment of the 20.5-hectare former Burwood East brickworks.

Frasers Property Australia has plans for a significant A$500 million plus redevelopment of the site which will include 900 homes and a large new retail centre.

'We're delighted to announce we've bought our third site in Melbourne,'' Ryman Healthcare Managing Director Simon Challies said.

'It is in a very established section of Melbourne with Box Hill to the north and Mount Waverley to the south and is one of the largest undeveloped sites in the eastern suburbs. Our research shows there is a shortage of care options in the surrounding area and the new village will meet that need.''

'It will also mean local residents can stay in the place they love and still live independently, with the security of knowing we will be there to provide any care they may need in the future.''

Ryman Healthcare opened its first village at Wheeler's Hill in the eastern suburbs in 2014 and is developing a second village at Brandon Park.

The new Burwood East village will be designed by Ryman's team of in-house designers and the intention is to apply for planning permission for the village in late 2016.

Mr Challies said the Burwood East purchase put Ryman on track to fulfil its ambition of opening five villages in Melbourne by 2020.

'Our first village exceeded all our expectations so we've had the best start we could have hoped for in Melbourne. We want to replicate that success.''

Ryman Healthcare was founded in Christchurch 32 years ago with the aim of providing the best care possible for residents. It has grown since then to become New Zealand's largest retirement village operator with 9,000 residents at 30 villages.

Ryman's villages are built using an integrated care model. The villages include two and three-bedroomed apartments, serviced apartments, and aged care centres with secure dementia care.

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 over 9,000 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 Corporate Affairs Manager David King on 03 366 4069 (0064 3 366 4069) or 021 499 602 (0064 21 499 602).