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Ryman to set up retirement village in Napier city

Ryman to set up retirement village in Napier city

A leading New Zealand retirement village operator Ryman Healthcare today announced it had bought the Princess Alexandra Hospital site in Napier to turn into a retirement village.

Ryman said elderly people in Napier did not have a choice of a retirement village within the central city and had to move to Taradale, Havelock North or Hastings.

The $20 million Princess Alexandra village, including 24-hour nursing facilities, will be open next year.

It will provide homes for 150 elderly people, create 50 new jobs and will be the 14th village in the listed company’s stable of retirement villages.

Ryman had a philosophy of setting up retirement homes for the elderly within their established neighbourhoods, managing director Kevin Hickman said today.

``This site is great because of its location close to the centre of the city, its own little microclimate and the ongoing lifestyle development in the marina area.

``Planning has already begun for development of the site and units will be available for sale within the next twelve months,’’ Mr Hickman said.

Ryman had been looking for further development sites in the North Island and had been attempting to obtain a suitable site in Napier for some considerable time.

Since floating on the New Zealand Stock Exchange in 1999, Ryman has developed six retirement villages. They plan to double the size of the company every five years.

The company employs over 1000 people and has won the Best Retirement Village in New Zealand Award for the last three years.

Their 13 villages and five hospitals are in Invercargill, Dunedin, Christchurch, Wellington, Lower Hutt, Hamilton and Auckland.

They opened the Grace Joel retirement village in St Heliers last year and will later this year begin developing a second Auckland site by a golf course in Abbotts Way, Remuera.

Ryman posted a record half yearly net profit figure of $7.6m (up 68 percent on the same period the previous year) for the six months to September 30 2002.

The result was driven by new sales of 109 units and a lift in earnings from operations.

The Christchurch-based company has consistently outperformed the NZSE40 since listing four years ago.

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