Ryman Healthcare, which last week reported a 43 percent boost in annual profit, has secured a site for its second retirement village in Melbourne, which it expects to spend more than $100 million to build.
The Christchurch-based company purchased a 5.5 hectare property in Melbourne's eastern suburbs from the Victorian government as part of the state's surplus land programme, it said in a statement. The former Brandon Park Secondary College site will be redeveloped into a retirement village for 400 residents, including residential aged care amenities and dementia care.
"It's a site we've had our eye on for a number of years," managing director Simon Challies said. "We're delighted to have secured it."
The company had cash and equivalents of $1.8 million as at March 31, with undrawn bank facilities of $222.4 million.
Ryman expanded into Australia with the first residents moving into its Wheelers Hill village earlier this month, and signalled the latest acquisition when reporting its annual earnings last week.
