Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Ryman buys North Shore land from Ngati Whatua Orakei

Ryman buys North Shore land from Ngati Whatua Orakei

By Suze Metherell

May 2 (BusinessDesk) – Ryman Healthcare, the retirement village operator and builder, has bought former navy land valued at $6.8 million from Auckland iwi Ngati Whatua Orakei for a new 300-resident development on Auckland’s North Shore.

The 4.2 hectare Devonport site was secured for an undisclosed sum from Ngati Whatua Orakei, which the iwi bought from the Defence Force during its treaty settlement. Ryman didn’t give a timeframe or cost for the development saying it still needs to go through the consents process, but said there were no other retirement villages in Devonport currently. It expected the development to be a mixture of rest homes, dementia care and hospital care.

Whai Rawa, the commercial arm of Ngati Whatua Orakei, purchased 28 hectares of North Shore land in 2013 as part of its treaty claim. Whai Rawa also owns Quay Park in Auckland, which includes Vector Arena, Countdown and apartment block ground leases, the Eastcliffe on Orakei retirement village and the Kainga housing development.

“Ngati Whatua Orakei wanted to ensure there was a long-term development at Wakakura,” Whai Rawa chief executive Rob Hutchinson said. “We are really pleased to be working with a major player such as Ryman and we look forward to seeing what is planned for the site.”

Ryman has recorded considerable growth in its retirement village operations, expanding its footprint at a current rate of 700 units a year, as well as branching across the Tasman last year to build its first Melbourne village. The NZX-listed shares now trade at more than five times their value of five years ago and the company has a 12-year record of double-digit earnings growth.

The stock rose 1.5 percent to $8.89 and has gained 41 percent over the past year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news