Ryman buys site of former school in Melbourne suburb of Coburg

Thursday 13th October 2016

Ryman Healthcare, the country's biggest listed retirement home operator, is to redevelop a former school in the Coburg suburb of Melbourne.

The 1.2-hectare site is about 10 kilometres from the central business district and next to the Coburg Lions AFL ground and a reserve, the Christchurch-based company said in a statement. The site had previously been approved for a large residential development.

It will be "the first village of its kind in the area, which has a significant older population," and the complex will enable "retirees to stay in the area they love without having to move to get help," managing director Simon Challies said.

Ryman opened its first village in Melbourne in 2014 and aims to open five in the city by 2020. It currently operates or has plans for five villages in the state of Victoria.

The company will now consult with local residents while designing the complex, which will include an indoor swimming pool, library, movie theatre and bowling green.

No price for the purchase was disclosed. The company said the sale was from a private vendor and confidentiality agreements had been signed.

Shares of Ryman fell 0.1 percent, or 1 cent, to $8.93. They've risen 5.2 percent since the start of the year, underperforming the benchmark S&P/NZX50 index which has risen 12 percent.

BusinessDesk.co.nz

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