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

 


Ryman snags Tropicana in Auckland residential village push

Ryman snags Tropicana in Auckland residential village push

By Suze Metherell

July 21 (BusinessDesk) - Ryman Healthcare, the country's biggest listed retirement village builder and operator, has bought Tropicana, an 8.9 hectare block in Auckland's south eastern area of Lynfield and Blockhouse Bay to expand its range of units in the city.

The Christchurch-based company said the $120 million Auckland project will include an independent retirement village as a well as serviced apartments, and a rest home with hospital and dementia care, it said in a statement, without being more specific. The undeveloped residential land, which includes a mansion as well as grazing for sheep, was bought from property developer Wilfred Allen "Bill" Subritzky, and had an estimated market value of $16.2 million when it was listed last October.

Ryman has started planning and is yet to lodge a resource consent application, but aimed for the village to be opened by mid to late 2016.

In May, it entered into a 150-year lease with Auckland iwi Ngati Whatua Orakei to develop a new 300-resident development on 4.2 hectares of former navy land valued at $6.8 million on Auckland's North Shore for an undisclosed sum. This month, it acquired a 6,000 square metre site in the Wellington suburb Newtown from supermarket operator Foodstuffs for an undisclosed sum, to develop its sixth village in the area.

Ryman owns and operates 27 retirement villages housing 7,500 residents. Like other retirement village developers and operators, Ryman is looking to latch on to an ageing demographic, and has increased its annual building target to 850 beds and units a year in New Zealand by 2017, from a rate of 700 a year.

The shares fell 0.6 percent to $8.36, and have gained 7.1 percent this year. The stock is rated an average 'hold' based on six analyst recommendations compiled by Reuters, with a median target price of $8.25.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news