Ryman secures 4.5ha site in Henderson for village targeting retiring Westies

No price was disclosed for the site.

Ryman Healthcare, whose retirement village portfolio was valued at $3.66 billion as at March 31, has secured a 4.5 hectare site in Henderson, West Auckland to target retiring Westies it says are under-supplied with options.

No price was disclosed for the site, which is currently part of Laidlaw College's Henderson campus. Ryman plans to develop "a resort-style retirement village which will be home to more than 400 residents," development manager Andrew Mitchell said in a statement. "We think there's a real shortage of retirement living options housing in the area - and demand will only increase as the retired population grows," he said, adding that more than 107,000 people lived in the Henderson-Massey area, including more than 10,000 retirees.

The village would be Ryman's 11th in greater Auckland, adding to developments at Hobsonville, Greenlane, Lynfield and Devonport and existing villages in St Heliers, Remuera, Howick, Pukekohe, Birkenhead and Orewa. Ryman has 31 existing villages, with 13 at varying stages of development, including its forays across the Tasman. The company had previously identified the West Auckland site as 'Site B'.

In May, Ryman posted a record annual profit, extending 15 years of earnings growth. Shares of Ryman last traded at $8.33 and have gained 2.7 percent this year. The stock is rated a 'hold', based on a Reuters poll, with a median price target of $8.51.