Ryman shelves Mornington Peninsula aged care plan, sells site
Ryman Healthcare has quietly sold Mt Eliza’s historic Moondah estate – deciding against replacing the grounds with a high-density aged care and retirement living community.
The New Zealand listed group will end in the red following the sale of 60-70 Kunyung Road, to neighbour, Charles ‘Chas’ Jacobsen, for $35 million.
It paid the University of Melbourne $37.5m in September, 2016.
The 42-room mansion, built in 1888 for John Grice on an 8.9 hectare elevated waterfront block, was for years before then occupied by the Melbourne Business School.
Ryman spent several more million dollars on an initial redevelopment proposal for 104 retirement living apartments, 35 assisted living units and an 82 bed aged care home which failed with both the Mornington Peninsula council then the Victorian Civil and Administrative Tribunal.
In early 2023, a revised plan was approved by VCAT, for the same number of retirement living units but 27 assisted living units and a 60-bed aged care home.
A bar, beauty salon, bowling green, café, cinema, gym, indoor pool and place of worship also formed part of the plan.
The Moondah mansion would have made way for an entrance to the village, offices, retail and resident-only amenities.
Marketing never began.
Earlier this year we reported the aged care group sold a Wheelers Hill site to DM Property, for townhouses (continues below).
Charles Jacobsen expands waterfront pile
Ryman spent more than $1m restoring Moondah’s historic front gates during the national COVID lockdown.
It was represented for the off-market sale by Melbourne Acquisitions’ Dominic Gibson with Amicum
Mr Jacobsen, who in recent years been selling assets from a significant aged care portfolio, has been familiar with the waterfront pocket since in 2006 paying $14.5 million– a then record price for a Victorian residence – for the Sir Reginald Ansett’s 11.7ha Gunyong Valley, with a c1950s beachside shack.
A family compound has since replaced part of that holding.
In 2018, the executive paid the philanthropic RM Ansett Trust $33m for a 22.3ha Green Wedge site (pictured, above right) between Gunyong Valley and Moondah.
This property is said to be predominantly used to graze Wagyu cattle.
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