This article is from the Australian Property Journal archive
NEW Zealand-listed Ryman Healthcare is planning a $95 million retirement village for Mount Martha on the Mornington Peninsula, looking to cater for what it believed is a shortage in the region of accommodation in the sector.
It will be the group’s seventh Australian village – all located in Victoria – following plans revealed in May for a $100 million facility in Geelong’s Highton on a 3.2-hectare South Valley Road site, and the acquisition of the 1.2-hectare former Coburg High School site in Melbourne’s inner-north late last year.
Ryman has an existing Mornington Peninsula site in Mount Eliza, which it purchased from the University of Melbourne in September 2016 for $37.5 million.
The group’s development manager Andrew Mitchell said the Mount Martha village was being built in response to a shortage of retirement living options on the Mornington Peninsula.
“Demand is going to grow for retirement living options and it is an area where the Australian Department of Health has identified as having an urgent need for additional dementia care.
“Mount Martha is a well-established and sought after suburb and is already home to a large number of retirees. Our aim is to build a village where residents can live independently, with the peace of mind of knowing there is aged care on hand if they need it,” he added.
The new village, at Bentons Road and close to the Bentons Square Shopping Centre, will offer range of living options, including aged care and specialist dementia care.
The new village will free up local houses for sale, create long-term skilled jobs and inject about $10 million a year into the local economy.
Ryman will consult with neighbours before submitting development plans.
Australian Property Journal
