Ryman Healthcare buys retirement village site in Melbourne

MEDIA RELEASE May 20, 2022
Ryman Healthcare buys retirement village site in Melbourne’s north
New $350 million retirement village planned for Coburg North


Ryman Healthcare is planning to build a $350 million retirement village in Coburg North in
Melbourne.
The New Zealand-listed company plans to transform 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 full aged care centre, including specialist dementia
care, on a single site.
The village will also include a café, bar, gym, cinema, indoor pool, and hair and beauty
salons. It will create more than 130 long-term jobs for the area as well as work for
hundreds of tradies and contractors during its construction phase.
Less than 10km from Melbourne’s CBD, the Coburg North site is next to Batman train
station, is just 50m from a tram stop, and only a short walk to Pentridge Shopping Centre.
The Ryman development will include the provision of new commercial space along
Gaffney Street, adding the potential for retail, hospitality and health service operators
within the retirement village precinct.
Ryman Australia CEO Cameron Holland said the village proposed for Coburg North
would offer residents a bustling city 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,” Mr Holland said.
“With more free time on their hands, older Australians want to get busy living life to the
full. This village will provide a unique opportunity to do just that.”
With aged care available on site, residents will also have the peace of mind that comes
from knowing they’ll be looked after if their health needs change.
“Coburg North is an area that’s really taking off, with the recent arrival of marque
developments like the Pentridge Shopping Centre adding to its appeal. We build village

communities where people want live, and this is an area where people very much want to
live.”
Ryman Healthcare is a fast-growing operator in the Victorian market, with seven
operational villages and another seven in its development pipeline.
“Since opening our first village in Melbourne in 2014 we’ve seen an extremely strong
appetite for high quality retirement living communities that also offer aged care on site,”
Mr Holland said.
He said the purchase of the Coburg North site was fuelled by strong demand for the
model Ryman has brought to the Victorian market from New Zealand, where the
company has been operating for almost 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 residents in Australia.

Site boundaries are indicative only.
Photo caption: The Coburg North site at 14-22 Gaffney Street is in a prime location
next to Batman station, a tram stop, and a short walk to Pentridge Shopping Centre.

About Ryman: Ryman Healthcare was founded in Christchurch, New Zealand in 1984
and owns and operates 45 retirement villages in New Zealand and Australia. Ryman
villages are home to more than 13,200 residents, and the company employs over 6,700
staff.
Ryman opened its first Australian village, Weary Dunlop, in Wheelers Hill in 2014. The
company names all its villages after pioneering Australians and now has six more
operational villages in Victoria: Nellie Melba in Brandon Park, John Flynn in Burwood East,
Charles Brownlow in Geelong, Deborah Cheetham in Ocean Grove, Raelene Boyle in
Aberfeldie, and Essendon Terrace in Essendon.
It has eight more sites at various stages of the planning, design and construction process in
Essendon, Ringwood East, Mulgrave, Highett, Mt Martha, Mt Eliza, Kealba, and Coburg
North.
Contacts: For media information or images contact Michael Cummings, Victorian
Communications Manager, on 0452 381 781 michael.cummings@rymanhealthcare.com
For investor relations information contact Michelle Perkins, Investor Relations Manager,
on 027 222 9684 (+64 27 222 9684) or email michelle.perkins@rymanhealthcare.com