The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
15
print
Print
OtherDinah Lewis BoucherTue 03 Sep 19

Ryman Buys Aged Care Site from Steller for $28.5m

4e164cac-49fa-4108-8b4e-c5e94d31a175

Aged care operator Ryman has purchased a significant permit-approved site from Steller for $28.5 million, as the group continues its sell down of assets.

The large 32-40 Graham Street site, has plans for a retirement village for 90-residential apartments, a 122-bed aged care facility and 15-assisted living units in Highett, 16 kilometres from Melbourne CBD.

The 11,981sq m land-holding was sold by Savills agents Julian Heatherich, Benson Zhou and Jesse Radisich following a competitive selling process.

Steller Group, which at its peak oversaw a $4.2 billion project pipeline across Melbourne, collapsed into receivership in July.

Steller initially purchased the 32-40 Graham Street site for around $20 million in 2016.

Heatherich said the site had attracted multiple bids from aged care and retirement providers.

“Securing sites of this scale in these areas is becoming increasingly difficult,” he said.

“The site is only 16 kilometres from the Melbourne CBD, and buyers are of course extremely drawn to that.”

“The Bayside area is one of Melbourne’s most highly sought inner suburban locations due to its abundance of lifestyle amenity, thriving café and culinary culture and public transportation links,” Heatherich said.

“The sale also indicates a continuing upward trend we’re seeing in aged care developments, particularly in inner Melbourne and the Mornington Peninsula,” he said.

The sale to Ryman Healthcare, a New Zealand retirement village and rest home operator founded by John Ryder and Kevin Hickman in 1984, follows another recent off-market acquisition to Ryman in Ringwood brokered by Savills.

Ryman, listed on the New Zealand Stock Exchange, has 31 operational villages across New Zealand and is developing another five villages in Victoria.

OtherResidentialHealthcareAustraliaMelbourneReal EstateDeal
AUTHOR
Dinah Lewis Boucher
More articles by this author
ADVERTISEMENT
TOP STORIES
Healthscope Hospital EDM
Exclusive

‘Once-in-a-Decade’ Opportunities Rise in Wake of Healthscope Collapse

Clare Burnett
7 Min
Exclusive

Parking Upsize Threatens Fatal Blow to Project Feasibility

Phil Bartsch
6 Min
One New Zealand Stadium BESIX Watpac
Exclusive

Rising to a Challenge: How BESIX Watpac Topped Australia’s Builders

Clare Burnett
7 Min
Exclusive

Rewards Outstrip Risk in SE Queensland Off-The-Plan Buys

Taryn Paris
7 Min
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
6 Min
View All >
Tasmania is introducing legislation to try move the development of Macquarie Point Stadium in hobart forward.
Infrastructure

Hobart Stadium Planning Sidestep Proposal Goes Public

Renee McKeown
Healthscope Hospital EDM
Exclusive

‘Once-in-a-Decade’ Opportunities Rise in Wake of Healthscope Collapse

Clare Burnett
Coomera Social Harvest Neighbourhood Centre DA hero
Development

‘High-End’ Neighbourhood Hub for Coast’s Fast-Food Lane

Phil Bartsch
The proposal for high-quality fresh food outlets, casual and fine dining establishments at Coomera “addresses key servic…
LATEST
Tasmania is introducing legislation to try move the development of Macquarie Point Stadium in hobart forward.
Infrastructure

Hobart Stadium Planning Sidestep Proposal Goes Public

Renee McKeown
3 Min
Healthscope Hospital EDM
Exclusive

‘Once-in-a-Decade’ Opportunities Rise in Wake of Healthscope Collapse

Clare Burnett
7 Min
Coomera Social Harvest Neighbourhood Centre DA hero
Development

‘High-End’ Neighbourhood Hub for Coast’s Fast-Food Lane

Phil Bartsch
3 Min
Urban Property Group Waterfront Stage 2
Development

Next Stage of $350m Gosford Scheme Moves Ahead

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/ryman-buys-stellars-285m-aged-care-site