Ryman Healthcare is planning a $100 million retirement village in Greenlane, Auckland and a $120m project in Rangiora, just north of Christchurch.
At its annual meeting in Waikanae today, Ryman said it had bought the derelict former Kingsgate Hotel site at 187 Campbell Rd in Greenlane, Auckland.
The 1.7-hectare site would be redeveloped into a village with apartments and care services and would cost about $100m to develop, Ryman Healthcare chairman Dr David Kerr said.
In 2011, the then partially refurbished Greenlane hotel with a price tag of $17m went up for grabs in a mortgagee sale after grand plans for redevelopment fell through. The site is made up of six multi-level wings.
It operated as the Kingsgate Hotel with 220 rooms and boasted a total floor area of more than 11,000 square metres, according to reports three years ago.
New Zealand's largest retirement village operator has also bought a site in Oxford Rd in Rangiora, where it is planning to build a retirement village on 6.5 hectares of land.
"Our Diana Isaac Retirement Village in northern Christchurch was fully occupied in record time and since it opened we've been regularly asked whether we'd build a village further north," Kerr told shareholders today.
"The 2010 and 2011 earthquakes changed the dynamics of Christchurch and Canterbury, and have turned the Waimakariri into one of the country's fastest-growing regions."
In Auckland the Campbell Rd site is near Cornwall Park and handy to Greenlane, Ellerslie and Mt Eden.
"It's a great location for a retirement village in a very established part of Auckland.
"We've now got five new villages to develop in greater Auckland, which is a mark of the faith we have in the future of the city and the wider region," Kerr said.
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