31 July 2012
Ryman Healthcare announced to shareholders at today’s Annual Meeting that its 28th village will be in Petone.
The 3.3 hectare site in Petone, which was once the Petone High School, will be developed into a Ryman retirement village offering the full continuum of care.
“Its a magnificent site for a village, on the flat overlooking the Hutt River and surrounded by reserves on three sides, including Sladden Park,” reported Ryman chairman Dr David Kerr. “The residents will enjoy wonderful vistas in every direction – to the Western and Eastern hills of the Hutt, to the Tararuas in the north and across Wellington harbour to the city.”
Lower Hutt is currently underserviced by retirement villages and aged care facilities, relative to other cities around New Zealand, and has a growing retired population.
The company recently reported an underlying profit of $84 million for the last financial year, and marked a milestone of ten years in succession of record profit results.
“We have reviewed the first quarters trading, and I’m pleased to advise that we are trading well, and ahead of last year” said Dr Kerr.
The company announced this year that it had lifted its build rate to 700 retirement units and aged care beds per annum, in response to the strong demand that it is experiencing for its villages.
“Adding the Petone village has lifted our landbank to over 2500 units and beds, however we are still on the hunt for sites in New Zealand.”
Shareholders also heard that the company expects to start building its Melbourne village in the next few months.
The NZ Government has recognised the need for an additional 12,000 – 20,000 aged care beds to meet the projected growth in demand over the next 15 years.
Statistics NZ estimates the number of New Zealanders aged 75 plus will more than double from 250,000 to 516,000 over the next twenty years. In Australia the outlook is similar, with the number aged 75 plus set to double to 2.8 million.
Established in 1984 Ryman currently owns 24 villages nationwide, which each offer a combination of retirement living and aged care, and serves over 6000 residents.