New $350 million retirement village planned for Coburg North
Ryman Healthcare is planning to build a $350 million retirement village in Coburg North in Melbourne.
The New Zealand-listed company plans to transform the 2.56-hectare site at 14-22 Gaffney Street into an integrated retirement village. The village will combine modern independent living apartments and a full aged care centre, including specialist dementia care, on a single site.
The village will also include a café, bar, gym, cinema, indoor pool, and hair and beauty salons. It will create more than 130 long-term jobs for the area as well as work for hundreds of tradies and contractors during its construction phase.
Less than 10km from Melbourne’s CBD, the Coburg North site is next to Batman train station, is just 50m from a tram stop, and only a short walk to Pentridge Shopping Centre.
The Ryman development will include the provision of new commercial space along Gaffney Street, adding the potential for retail, hospitality and health service operators within the retirement village precinct.
Ryman Australia CEO Cameron Holland said the village proposed for Coburg North would offer residents a bustling city lifestyle surrounded by restaurants, cafes, and public transport options right on their doorstep.
“What we know at Ryman is that retiring doesn’t mean slowing down,” Mr Holland said.
“With more free time on their hands, older Australians want to get busy living life to the full. This village will provide a unique opportunity to do just that.”
With aged care available on site, residents will also have the peace of mind that comes from knowing they’ll be looked after if their health needs change.
“Coburg North is an area that’s really taking off, with the recent arrival of marque developments like the Pentridge Shopping Centre adding to its appeal. We build village communities where people want live, and this is an area where people very much want to live.”
Ryman Healthcare is a fast-growing operator in the Victorian market, with seven operational villages and another seven in its development pipeline.
“Since opening our first village in Melbourne in 2014 we’ve seen an extremely strong appetite for high quality retirement living communities that also offer aged care on site,” Mr Holland said.
He said the purchase of the Coburg North site was fuelled by strong demand for the model Ryman has brought to the Victorian market from New Zealand, where the company has been operating for almost 40 years.
Since opening its first Australian village in Melbourne eight years ago, Ryman has invested more than $1.2 billion in Victoria. Its villages are home to 900 residents in Australia.