Ryman secures 4.5ha site in Henderson for village targeting retiring Westies
By Jonathan Underhill
June 16 (BusinessDesk) – Ryman Healthcare, whose retirement village portfolio was valued at $3.66 billion as at March
31, has secured a 4.5 hectare site in Henderson, West Auckland to target retiring Westies it says are under-supplied
with options.
No price was disclosed for the site, which is currently part of Laidlaw College’s Henderson campus. Ryman plans to
develop “a resort-style retirement village which will be home to more than 400 residents,” development manager Andrew
Mitchell said in a statement. “We think there’s a real shortage of retirement living options housing in the area – and
demand will only increase as the retired population grows,” he said, adding that more than 107,000 people lived in the
Henderson-Massey area, including more than 10,000 retirees.
The village would be Ryman’s 11th in greater Auckland, adding to developments at Hobsonville, Greenlane, Lynfield and
Devonport and existing villages in St Heliers, Remuera, Howick, Pukekohe, Birkenhead and Orewa. Ryman has 31 existing
villages, with 13 at varying stages of development, including its forays across the Tasman. The company had previously
identified the West Auckland site as 'Site B'.
In May, Ryman posted a record annual profit, extending 15 years of earnings growth. Shares of Ryman last traded at $8.33
and have gained 2.7 percent this year. The stock is rated a ‘hold’, based on a Reuters poll, with a median price target
of $8.51.
(BusinessDesk)
ends