New Zealand's largest retirement village operator Ryman Healthcare has unveiled plans for a $180 million “comprehensive aged care and retirement village” at Highett in Melbourne's south-east.
The acquisition is the company's eleventh in the state of Victoria for the NZ-listed company, securing five development approvals including Weary Dunlop at Wheelers Hill and Nellie Melba at Brandon Park.
The 1.2-hectare site on Graham Road is close to the Highett train station and Southland Shopping Centre, located 15 kilometres southeast of Melbourne's CBD.
Ryman acting chief development officer Jeremy Moore said it was rare to find a large site in the area.
“We’re delighted to secure a site in Highett and know Baysiders love the area and we can’t wait to get started on building a community.”
The Highett village will include a care centre with residential aged care, as well as specialist dementia care, serviced and independent apartments, an indoor swimming pool, movie theatre, café, and hair and beauty salons.
The retirement village will also be named in honour of a Melbourne local, taking suggestions from locals.
Ryman opened its first village in Melbourne in 2014 at Wheelers Hill and now has more than 650 residents in Victoria.
Other villages operating in Melbourne are Nellie Melba and Weary Dunlop and it has eight other sites for new villages in Melbourne, the Mornington Peninsula and the Bellarine Peninsula.
Its latest site, along with another purchase in Christchurch, will take the retirement village operator's land bank to 7,074 units and beds. Ryman currently operates 36 retirement villages in New Zealand and Australia.
Ryman has also released plans for a $35 million three-storey residential aged-care facility and 56-home retirement village in Ocean Grove, 20km south east of Geelong.
The proposed development at Shell Road, designed to house about 240 retirees, includes a ring of 56 two and three-bedroom units circling the main three-storey aged-care facility.
Ryman also reported its first half result seeing underlying profit incrasing by 6.2 per cent to $103 million, driven by record resales volumes.
The company is forecasting full-year underlying profit to rise by 10-17 per cent after a 6.2 per cent increase in the first-half.
The actual bottom line first-half profit jumped 11.1 per cent as its property values rose and with record resales.
The retirement village operator says the stronger second-half results will reflect its accelerating building rate, with full-year underlying profit expected to be $250-265 million, up from $227 million last year.
Fellow New Zealand retirement village developer Summerset recently launched in Australia, purchasing an eight hectare site in Melbourne's Cranbourne North for $16 million.
The large site the group has acquired in Melbourne is at 1435 Thompsons Road in the city's outer south-east.