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:

Transpower sees no risk to credit metrics from incentive change
NZ dollar rises, an outlier amid rising Gulf tensions
Craigmore spends $32M to expand Kerikeri kiwifruit crop by 'more than a third'
CentrePort eyes further hub expansion
South Port beats guidance, earnings in line with 2018 record
Plexure sees revenue growth from White Castle deal
22nd July 2019 Morning Report
NZ dollar treading water as markets focus on Iran
MARKET CLOSE: NZ shares extend gain as passive funds bolster prices; Tourism Holdings climbs
NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut

IRG See IRG research reports