Ryman Healthcare buys retirement village site in North Melbourne

New $350 million retirement village planned for Coburg North

Ryman Healthcare plans to build a $350 million retirement village at Coburg North in Melbourne.

The New Zealand-listed company plans to turn 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 comprehensive aged care centre, including specialist care for people with dementia, on one site.

The village will also include a café, bar, gym, cinema, indoor swimming pool and hair and beauty salons. It will create more than 130 long-term jobs for the region as well as work for hundreds of trades and contractors during its construction phase.

Less than 10km from Melbourne’s CBD, the Coburg North site is next to Batman Station, just 50m from a tram stop and a short walk from the Pentridge Shopping Centre.

The Coburg North site at 14-22 Gaffney Street enjoys a prime location next to Batman Station, a tram stop and within walking distance of the Pentridge Shopping Centre.

The Ryman development will include the provision of new commercial space along Gaffney Street, adding the potential for retail, hospitality and healthcare service operators within the grounds of the retirement village.

Ryman Australia CEO Cameron Holland said the proposed village for Coburg North would provide residents with a vibrant urban 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,” Holland said.

“With more free time, older Australians want to take charge of their lives. This village will provide a unique opportunity to do just that.

With senior care available on-site, residents will also have the peace of mind of knowing that they will be taken care of if their health needs change.

“Coburg North is a booming neighborhood, with the recent arrival of brand name developments like the Pentridge Shopping Center adding to its appeal. We are building village communities where people want to live, and this is an area where people really want to live.

Ryman Healthcare is a fast-growing operator in the Victorian market, with seven villages operational and seven more in its development pipeline.

“Since opening our first village in Melbourne in 2014, we have seen an extremely strong appetite for high-quality retirement living communities that also offer on-site elderly care,” said Mr Holland.

He said the purchase of the Coburg North site was fueled by strong demand for the model which Ryman brought to the Victorian market from New Zealand, where the company has operated for nearly 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 people in Australia.

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