Major Christchurch Land Sale Announced

Media release, for immediate release, 6 August 2004

MAJOR CHRISTCHURCH LAND SALE ANNOUNCED
Local retirement village icon confirms next venture

An entire stage of one of Christchurch's most popular and successful subdivisions has been sold to one of the country's leading healthcare providers. Local company Ryman Healthcare has bought stage three of the Aidanfield development in Halswell- a total of approximately 4.5 hectares of residentially-zoned land - for its next retirement village complex.

The publicly listed company announced the purchase at its Annual General Meeting, held earlier today (Friday 6 August).

This significant sale confirms Aidanfield's title as the largest growth centre for residential housing in the south western sector of Christchurch. Ryman's purchase of stage three of the development means all the existing sections at Aidanfield (Stages 1-4) are now virtually sold out.

Planning and consent processes for stages five and six are proceeding. In total, the Aidanfield development consists of 100 hectares of land, which will potentially accommodate approximately 900-950 residential sites.

The Ryman deal was confirmed after six months of negotiations, brokered by Christchurch real estate company Simes Limited. Simes Director Peter Cook says the sale is one of the most significant sales of residentially-zoned land that has occurred in Christchurch for some time.

"The presence of Ryman Healthcare's new facility at Aidanfield consolidates on the established community that has grown there since the development began 4 years ago. With hundreds of residents now settled into their homes and facilities such as existing schools, St John of God Hospital, a new childcare centre and now a retirement village, Aidanfield is becoming a true community in its own right, as was originally envisaged," says Peter Cook.

Ryman Healthcare enters Aidanfield with impressive credentials. The group has been operating facilities for the elderly since 1984, and is considered to be a pioneer in many aspects of the healthcare industry - including facility design, standards of care, and staff education. It runs four retirement village complexes in Christchurch, including the Margaret Stoddart and Ngaio Marsh Retirement Villages.

ENDS

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