The 3.7 hectare site is in Ocean Grove on the Bellarine Peninsula, just 30 minutes from Geelong where the NZ listed operator is also planning a new village.
Chief Development Officer Andrew Mitchell said the site already has development approval for a retirement village and will offer a mix of independent living units and aged care beds, including dementia-level care.
As we reported here, Ryman plans to have five villages up-and-running in Australia by 2020 with a target of two villages a year.
Their other sites are at Wheelers Hill, Brandon Park, Aberfeldie, Coburg and Burwood East in Melbourne, Mt Eliza and Mt Martha on the Mornington Peninsula, and at Geelong.