NZX-listed retirement village company Ryman Healthcare Ltd has continued its Melbourne expansion, buying an 8.9ha waterfront site on the Mornington Peninsula for an undisclosed price.
The Moondah Estate site at Mt Eliza, overlooking Port Phillip Bay, is 45 minutes from Melbourne’s cbd and was built as a country estate by James Grice in 1888. It was later owned by airline founder Sir Reg Ansett, who turned it into a luxury hotel, but its last use was as a campus for the Melbourne Business School.
Ryman opened its first retirement village in Melbourne in 2014 and Moondah Estate is its fourth site in Australia.
Ryman managing director Simon Challies said yesterday the company would preserve its historic features: “This is an outstanding site in terms of its natural beauty and it is going to make an absolutely stunning place to live for retirees who love the peninsula. We think it has great potential and we are also conscious that ownership of such an historic site is also a privilege. It will be great to see Moondah Estate get a new lease on life as a beautiful home for retirees.’’
Ryman’s integrated care model differs from most Australian retirement villages and the Mt Eliza village will include independent living apartments & aged care, including specialist dementia care.
Mr Challies said: “We think our first village was a great success because Melburnians like the way our integrated model works. We don’t think it is good enough to sell someone a home and then ask them to move on when their health changes. It is early days, but we believe this market acceptance, and the ageing population, provides us with a great opportunity to provide homes & care as well as sustainable jobs.’’
Attribution: Company release.