Ryman buys site of former school in Coburg, Melbourne
It will be "the first village of its kind in the area, which has a significant older population"
New Zealand's biggest retirement village operator, Ryman Healthcare, 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%, or 1c, to $8.93. They've risen 5.2% since the start of the year, underperforming the benchmark S&P/NZX50 index which has risen 12%.
(BusinessDesk)
Edwin Mitson
Thu, 13 Oct 2016
Thu, 13 Oct 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Ryman buys site of former school in Coburg, Melbourne
62350