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Ambitious expansion plans have been revealed by Ryman in a flat market



Renowned female jockey Linda Jones with Ryman Healthcare chief executive Gordon MacLeod at the opening of the retirement village at River Road in Hamilton.

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Renowned female jockey Linda Jones with Ryman Healthcare chief executive Gordon MacLeod at the opening of the retirement village at River Road in Hamilton.

Ryman Helathcare will build new retirement villages in Auckland, Christchurch and Melbourne, regardless of its flat residential property premises.

The Chairman, Dr David Kerr, revealed the plans when publishing the company's latest operating profit for the year ending March 2019, which was ahead of last year's figure of $ 10. 227 million.

In Auckland, Ryman is planning a new $ 150m village for 300 residents in Kohimarama near Selwyn College.

In Christchurch the company has purchased land from Ngai Tahu in Riccarton Park, and has also purchased the Parc Bys Retirement Village on the Park overlooking Hagley Park for redevelopment.

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The new Kohimarama village in Auckland will create 120 permanent jobs on completion. The 137-year lease site was purchased with permanent renewal rights from a third party and is owned by Whai Rawa Property Holdings, part of Gait Whātua Ōrākei.

Cultural consultants Ryman, Sonny Matenga, after, and Piripi Mateka in the recent opening of Linda Jones's retirement village.

DOMINICO ZAPATA / STUFF

Cultural consultants Ryman, Sonny Matenga, after, and Piripi Mateka in the recent opening of Linda Jones's retirement village.

Ryman asks for naming tips – we name villages in honor of well-known local people, such as Edmund Hillary, Grace Joel, Evelyn Page, Bruce McLaren and Possum Bourne. New residents have moved into the village of Murray Halberg in Lynfield, and the village of William Sanders in Devonport.

In Christchurch where Ryman was founded in 1984, the villages at Riccarton Park and Park Tce will be worth more than $ 220m and provide long-term jobs for around 370 people.

Anglican Care will offer homes elsewhere to the remaining residents of the Bishopspark which is about to be redeveloped.

Ryman Healthcare's latest profit result is out.

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Ryman Healthcare's latest profit result is out.

A 10th Australian village worth around $ 200m is designed for the suburb of Ringwood East in Melbourne near Eastland Shopping Center and promises 120 permanent jobs.

Ryman's land bank allows for 7000 beds and units in 20 new villages either being developed or in the planning and design stages.

"We are delivering new village support services, a new meals service for independent residents, and a new approach to dementia care," Kerr said.

"We are also trialling a taxi and car sharing service, a charging network for electric cars in Auckland and new town towns powered by the sun."

The property market during the year had been flat but the company had only 1 per cent of the resale stock, and care occupancy remained above 97 per cent, higher than the industry average of 87 per cent.

"We will continue to monitor the market closely – we have been in business for 35 years and through many bicycles of the front," Kerr said.

Ryman invested $ 552m in new and existing villages during the year, taking net assets to $ 2.2 billion, up from $ 1.9b a year ago.

Although the operating profit from care fees was higher at $ 227m ($ 203m in 2017), the final profit after tax of $ 326m was below $ 388m the previous year.

This was due to a reduced property value not realized from $ 102m compared to $ 185m the previous year.

The number of new occupancy sales rights was lower at 414 (458) while resale was the same in 824.


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