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Ryman plans to build seventh retirement village in Victoria

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New village planned for Mount Martha on the Mornington Peninsula

Ryman Healthcare is planning to build a new $95 million retirement village in Mount Martha in Victoria.

Ryman Group Development Manager Andrew Mitchell said the village was being built in response to a shortage of retirement living options on the Mornington Peninsula.

The new retirement village will offer peninsula residents a range of living options including aged care and specialist dementia care.

“Mount Martha is a well-established and sought after suburb and is already home to a large number of retirees. Our aim is to build a village where residents can live independently, with the peace of mind of knowing there is aged care on hand if they need it.’’

Ryman is different to most retirement operators in that it operates a continuum of care model. Ryman villages include independent living units, assisted living and aged care on the same site to cope with a resident’s changing health needs over time.

The new village will include an indoor pool, hair and beauty salons, a bowling green, and a movie theatre.

The Bentons Rd site is a short distance from the Bentons Square Shopping Centre which includes a pharmacy, medical centre, a supermarket and other retail stores.

The new village will free up local houses for sale, create long-term skilled jobs and inject about $10 million a year into the local economy.

Mr Mitchell said the site appealed because of the shortage of care in the area.

“Demand is going to grow for retirement living options and it is an area where the Australian Department of Health has identified as having an urgent need for additional dementia care.’’

Mr Mitchell said Ryman would be consulting with neighbours before submitting development plans.

Ryman Group Sales and Community Relations Manager Debbie McClure said she would love to hear from community groups interested in the project and from any local residents who had naming suggestions.

Ryman Healthcare names all its villages after local people. Ryman’s first village in Melbourne was named after Sir Edward ‘Weary’ Dunlop and its village names in New Zealand include Edmund Hillary and Kiri Te Kanawa.

“The best suggestions come from the people who know the place well so we’d love to hear any suggestions there are out there.’’

Ryman designs, builds and operates its villages itself. The company was founded in New Zealand 33 years ago.

The company opened its first village in Melbourne in 2014 and is building a new village at Brandon Park.

Ryman also has sites at Burwood East and Coburg in Melbourne and at Geelong and Mount Eliza.

About Ryman: Ryman Healthcare was founded in Christchurch in 1984 and owns and operates 31 retirement villages in New Zealand and Australia. Ryman villages are home to over 10,500 residents, and the company employs over 4,500 staff.

Contacts: For media information or images contact David King, Corporate Affairs Manager, on 021 499 602 (+64 21 499 602) or email david.king@rymanhealthcare.com.

For investor relations information contact Michelle Perkins, Investor Relations Manager, on 027 222 9684 (+64 27 222 9684) or email michelle.perkins@rymanhealthcare.com.

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