Ryman, Cedar Woods trade ex-high school, Melbourne
Ryman Healthcare has taken another haircut selling a Melbourne development site.
Following an off-market deal, the Australian and New Zealand listed aged care provider is banking $30.85 million for the 6.1 hectare ex-Kealba High School in the north west.
It paid $38.5m in late 2021 with plans for 140 independent living units and a 134-bed retirement living complex in four storey buildings.
Cushman & Wakefield’s Hamish Burgess and Joe Kairouz brokered the on-sale.
Cedar Woods is the buyer, for a c200-lot traditional residential subdivision, likely with townhouses.
The deal comes a year since the group acquired the outgoing Porta site in Fairfield for apartments and another parcel in Noble Park for social housing.
Eighteen months ago Cedar Woods bought a Corio, Geelong, block, for a low density housing estate.
Ryman takes another hit
Ryman is also trying to sell a Coburg North site – a former Department of Defence uniform factory.
Late last year we reported the group offloaded Mt Eliza’s Moondah estate after winning a high-profile planning battle to replace it with an aged care complex and retirement village (continues below).
That buyer was Charles ‘Chas’ Jacobsen, who owns the Ansett estate, next door, for $35m.
Ryman outlaid $37.5m in 2016.
That seller was the University of Melbourne.
Meanwhile, 14 months ago the aged care group divested a piece of the ex-Brandon Park Secondary School at Wheelers Hill to DM Property, for townhouses.
In 2024 the accommodation provider also took a hit selling the former Coburg High School site for $21.8m.
Ryman paid $25.5m for that parcel in 2017.
Kealba is about 15 kilometres from the CBD.
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