Ryman checks into Melbourne retirement village in $30m deal
New Zealand-listed Ryman Healthcare is extending its portfolio of retirement villages in Victoria, with a $30 million deal to acquire a site in Melbourne’s south-east where it plans to build single-storey villas for the first time.
Ryman’s 12th land purchase in the state is a 4.6-hectare site on Jackson’s Road in Mulgrave. The New Zealand player opened its first facility at Wheelers Hill in Melbourne in 2014, the Weary Dunlop Retirement Village, and now has more than 900 residents in Victoria, with five villages up and running in the state and seven more under development.
It names all of its villages in honour of Australian identities, such as its Charles Brownlow facility in Highton, the John Flynn at Burwood East, the Nellie Melba at Brandon Park, and the Deborah Cheetham at Ocean Grove.
The proposed Mulgrave village will have more than 80 two- and three-bedroom villas as its heart, with more than 110 independent and serviced apartments and a 60-bed aged-care centre included in the development.
Ryman is hoping the mix of living options will be its point of difference in Melbourne, according to Cameron Holland who leads its Australian operations.
“If we’ve learnt anything in almost 40 years of doing this it’s that you can’t be one-size-fits all,” he said.
“People want choice and, while we’ve seen really strong demand for our apartment-living options, a lot of older Melburnians are keen to downsize to something that provides a different kind of lifestyle.”
Mr Holland said the Ryman model involved integrating healthcare and retirement needs across a single site.
Colliers’ Shalain Singh, Hamish Burgess, Joe Kairouz and Chris O’Driscoll brokered the Jacksons Road site in Mulgrave in a $30.08 million deal on behalf of not-for-profit operator Villa Maria Catholic Homes.
Opposite Mirvac’s Waverley Park development, the site was sold with an existing permit for a retirement village, residential aged-care facility and medical centre. The site boasts views of the Dandenong Ranges and is a short walk to Waverley Gardens Shopping Centre.
“The evolution of healthcare in Australia means sites such as these, where integrated healthcare can be made available, are very much in demand, especially with entrants looking to take on more established players,” said Mr Singh, who heads Colliers’ healthcare and retirement living business in the region.
“Healthcare is fast becoming the alternate investment class of choice both locally and internationally.
“As a result, development sites that provide an avenue for healthcare assets are finally seeing investors, developers and owner operators competing strongly with the traditional highest payers being residential.”
