The continuum of care provider, which has eight operational villages in Victoria and six more in development, has paid $7.8 million for a 2.02ha site beside Deborah Cheetham Retirement Village in Ocean Grove on the Bellarine Peninsula.
The acquisition will see Deborah Cheetham village, which won ‘Interior Design of the Year’ at the Asia-Pacific Eldercare Innovation Awards in Singapore earlier this month, adds another 58 independent living units, making a total of 203 independent living villas, 53 serviced apartments and a 120-bed aged care centre.
It’s the second expansion of the village after Ryman bought an additional 2.35ha parcel of adjacent land in 2021, to accommodate a further 66 independent villas. The original 3.7ha village site welcomed its first residents in 2020.
“Deborah Cheetham is a spectacular village and the demand for the full range of living and care options it offers has certainly exceeded what we expected when we first bought the site more than five years ago,” Ryman Healthcare Australia CEO Cameron Holland said.
The announcement came as the parent company reported net profit after tax plummeted from NZ$257.8 million to NZ$4.8 million in 12 months.
Total revenue increased 18% to NZ$689.9 million with Ryman providing more hospital-level care and reaping more money from deferred management fees, set at 20% of purchase prices - the money it retains when people leave their places due to illness or death.
Last month, CEO Richard Umbers, the former Myers CEO, unexpectedly resigned and left on the same day. He had only joined Ryman in October 2021.
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