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

 

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news