Sharechat Logo

Ryman gets approval for second Melbourne village

Wednesday 29th March 2017

Text too small?

Ryman Healthcare has been given the go-ahead to proceed with a second retirement village in Australia's second largest city, with the first residents at the new Melbourne site expected to move in next year. 

Christchurch-based Ryman's plan to build a new village at Brandon Park in Melbourne was last night approved by the City of Monash and preliminary work will now begin, the company said in a statement. The village will be Ryman's second across the Tasman and will house more than 700 retirees with 94 serviced apartments, 328 independent units and 199 aged care rooms. 

"We've already had keen interest from 350 potential residents," managing director Simon Challies said. "Our construction team has been gearing up to get started and we will begin work right away."

Ryman owns and operates 31 villages in New Zealand and Australia and invested a record $272 million in new villages, innovation and upgrades to existing villages in the six months ended Sept. 30, 2016. It plans to build five villages across the Tasman by 2020 and has three currently in the design phase. 

The shares fell 0.6 percent to $8.35, having increased 3.6 percent so far this year. 



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

12th November 2019 Morning Report
MARKET CLOSE: NZ shares gain, retirement villages buoyed by Auckland housing market bounce
NZ dollar rises, shrugging off US-China trade war woes
Long-serving ACC investment chief calls it a day
Institutional investors continue to shun Fonterra
Card spending stalls; dearer petrol crowds out other goods
Abano directors cave to takeover by scheme of arrangement
Fletcher dismisses subcontractor claims as vague
11th November 2019 Morning Report
Odds favour a rate cut but it's a line ball call

IRG See IRG research reports