31 July 2019

Ryman Healthcare has the go-ahead from the Overseas Investment Office (OIO) to buy 5 hectares of Christchurch land to build a retirement village.

Ngāi Tahu Property sold the Broomfield land, which is next to the Riccarton Racecourse, to Ryman. The land was previously a reserve but was tagged for development after the Canterbury earthquakes. In 2016 a law change removed the reserve status to enable houses to be built.

The land will be developed for a comprehensive care retirement village, providing much-needed housing and aged care.

About 200 jobs will be created, including 50 skilled jobs, to run the retirement village.

Ryman has operated retirement villages in New Zealand since 1984 and has 31 retirement villages across New Zealand.

The OIO on 24 July also granted Ryman a standing consent to purchase 500 hectares of residential land at 20 sites over the next three years. This means Ryman can buy the land without needed individual approvals.

This type of standing consent was introduced as part of new overseas investment rules in October 2018 and allows retirement village operators to meet the high demand for retirement housing. Only companies with a proven track record, detailed business plans and processes are granted standing consents.

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