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

 


CORRECT – Ryman secures North Shore land from Ngati Whatua

CORRECT – Ryman secures North Shore land from Ngati Whatua Orakei

[corrects first paragraph from bought to leased]

By Suze Metherell

May 2 (BusinessDesk) – Ryman Healthcare, the retirement village operator and builder, has entered into a long-term lease with Auckland iwi Ngati Whatua Orakei to develop a new 300-resident development on former navy land valued at $6.8 million on Auckland's North Shore.

The 4.2 hectare Devonport site was secured on a 150 year lease 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

 

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Transport: Boards Of Inquiry For Auckland Roading Projects

Boards of Inquiry have been appointed to decide on two significant Auckland roading projects in a move which will get a decision by the end of the year, Environment Minister Dr Nick Smith and Conservation Minister Maggie Barry announced today. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news