This article is from the Australian Property Journal archive
NEW Zealand-listed Ryman Healthcare has snapped up a major site at Burwood East in Melbourne’s east, which it plans to redevelop into a $200 million (A$183 million) retirement village.
Ryman has entered into an unconditional contract to buy the 2.5ha site which is part of a Frasers Property Australia redevelopment of the 20.5-ha former Burwood East brickworks. Frasers Property has plans for a $500 million plus project that includes 900 homes and a large new retail centre.
Ryman Healthcare managing director Simon Challies said the Burwood East site will be redeveloped into a retirement village to more than 400 residents, and will include independent living apartments and an aged care centre which will include specialist dementia care.
The new village will also feature a swimming pool, café, gym, beauty salon, library, movie theatre and bowling green.
Challies said the Burwood East purchase put Ryman on track to fulfil its ambition of opening five villages in Melbourne by 2020.
“Our first village exceeded all our expectations so we’ve had the best start we could have hoped for in Melbourne. We want to replicate that success.
“We’re delighted to announce we’ve bought our third site in Melbourne.
“It is in a very established section of Melbourne with Box Hill to the north and Mount Waverley to the south and is one of the largest undeveloped sites in the eastern suburbs. Our research shows there is a shortage of care options in the surrounding area and the new village will meet that need,” he added.
Ryman Healthcare opened its first village at Wheeler’s Hill in the eastern suburbs in 2014 and is developing a second village at Brandon Park.
Australian Property Journal
