Ryman plans $50m New Plymouth village

Listed retirement village operator Ryman Healthcare announced plans today for a $50 million development in New Plymouth.

The 7.9ha retirement village, Ryman's 19th, would provide homes for 220 residents and employ around 50 staff.

The site, on Barrett Rd, would have sea views on one side and a view of Mt Taranaki on the other, Ryman development manager, Ray Versey, said.

Ryman planned to build up to 72 townhouses, 50 serviced apartments, a village centre and an 80 bed care centre.

The development was still in the concept stages but Ryman expected to apply for resource consent within months.

Ryman has embarked on a fast track growth phase, acquiring land for new villages in Palmerston North and Nelson in recent months.

The company provides homes and care services to more than 2700 New Zealanders, and employs over 1400 staff.

Its share price has enjoyed equally rapid growth, rising from $3.65 at the start of last year, to a high of $6.75 on April 3. The shares last traded yesterday at $6.60.

- NZPA