This article is from the Australian Property Journal archive
RYMAN Healthcare will build a new $165 million retirement village, after the purchase of a new Melbourne site.
The 1.8-hectare property is located on the corner of Moreland Road and Pascoe Vale Road in Melbourne’s inner north-west suburb of Essendon, just 8km from the CBD.
The deal included a large unoccupied parcel of land, as well as Lionsville, retirement accommodation that is currently being operated by the Lions Club of Essendon with Ryman intending to transform the land into an integrated village with aged care on hand.
In the recent budget, the federal government committed up to $25.9 billion into aged care, including $17.7 billion for a comprehensive aged care reform package in response to the Royal Commission into Aged Care Quality and Safety.
In March the government pledged $452 million to address the royal commission’s recommendations, after finding systemic problems including substandard levels of care and significant elder abuse.
The New Zealand-based company, has been quickly expanding across the aged care and retirement living sector in Victoria, opening five villages since 2014, with plans for a further six.
Current Ryman villages in the state include its first village at Wheelers Hill, Charles Brownlow in Highton, John Flynn at Burwood East, Weary Dunlop at Wheelers Hill and Nellie Melba at Brandon Park.
With sites currently under construction at Ocean Grove and Aberfeldie, with other development sites at Ringwood East, Mt Eliza and Mt Martha, while the group recently offloaded its Coburg-based development site.
“There are a lot of charitable and religious organisations, sports clubs, and education and health providers out there looking to offload some of their portfolio, and we have a strong appetite to buy,” said Cameron Holland, chief executive of Ryman Healthcare Australia.
Recent activity in the aged care and retirement sector included the sale of the Blue Willows Residential Aged Care & The Willows Retirement Village in Ringwood and Clarence Property Group’s sale of 4.17 hectare site Epiq Lennox Head community with development approval for a 124 bed retirement village.
As well as Aspen’s $2.36 million purchase of Lewis Fields Retirement Village in Strathalbyn, South Australia.
