Ryman invests again in Ocean Grove

Ryman has added 2.02 hectares (outlined) to its Deborah Cheetham Retirement Village.

Ryman Healthcare has bought another block abutting its Deborah Cheetham Retirement Village at Ocean Grove.

The Ocean Grove asset will be extended again.

With the $7.8 million deal for 11-25 Trethowan Avenue, it will add 58 independent living villas.

The complex now spreads 7.97 hectares – including the original 3.7ha complex, opened in 2020 at 181-195 Shell Road, with 79 villas, 53 serviced apartments and a 120 bed aged care facility.

In late 2021, the operator added a 2.25ha parcel, now accommodating 66 villas.

The Ocean Grove asset also includes a bar, café, indoor pool, gym, cinema, billiards room, library and workshop.

Ryman villages are unique in Australia for adopting the “continuum of care” model, integrating services for aged care facilities alongside independent living units, allowing, amongst other things, access to in-home healthcare as resident’s needs change.

Major portfolio asset

New Zealand listed Ryman has eight operational Australian villages and six under construction – all in Victoria (story continues below).

An indoor pool at the Ocean Grove facility.

Its highest profile site is arguably Mt Eliza’s Moondah estate, which was in 2022 approved for redevelopment after more than five years of community and council objection.

The Moondah redevelopment in Mt Eliza, approved last year.

In Melbourne, the operator also recently purchased an ex-government uniform manufacturing plant at Coburg North and former Lions facility in Essendon.

Ryman expanded Ocean Grove twice to meet Bellarine Peninsula demand, chief executive officer, Cameron Holland, said.

“Deborah Cheetham is a spectacular village and the demand for the full range of living and aged care options it offers has certainly exceeded what we expected when we first bought the site more than five years ago,” he added.

“The communal facilities and aged care centre are amongst the largest we’ve ever built, so it’s given us the opportunity to grow the village community over time and give more locals the opportunity to move in,” according to the executive.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.