Ryman Healthcare Puts Takapuna Project on Hold

Ryman Healthcare Puts Takapuna Project on Hold
Ryman Healthcare, New Zealand’s largest retirement village operator, has decided to pause its plans for a new retirement village in Takapuna, Auckland. The $120 million project, which was announced in June last year, was supposed to start construction this year and open in 2023. However, the company has faced some challenges and uncertainties that have led to the postponement of the project .

One of the main reasons for the delay is the ongoing legal dispute with the Overseas Investment Office (OIO), which has not yet approved the purchase of the 7,000 sq m site in the heart of Takapuna. The site, which was formerly occupied by the fire service, already has a resource consent for a five-storey aged care village, but Ryman Healthcare needs the OIO approval to proceed with the acquisition and development. The company has been waiting for more than a year for the OIO decision, and has expressed its frustration and disappointment with the process .

Another reason for the delay is the impact of the COVID-19 pandemic, which has disrupted the construction industry and the supply chain, and has increased the costs and risks of the project. The company has also faced some opposition and criticism from some local residents and groups, who have raised concerns about the design, height, and density of the proposed village, and its effects on the traffic, parking, and environment of the area. The company has said that it has consulted with the community and has made some changes to the plans to address the feedback .

The Implications and Expectations of the Delay of the $120 Million Retirement Village

The delay of the Takapuna project has some implications and expectations for Ryman Healthcare, its shareholders, its customers, and the community. Some of the implications and expectations are:

  • The delay will affect the financial performance and growth of Ryman Healthcare, which has been investing heavily in new villages and expanding its portfolio in New Zealand and Australia. The company has reported a strong demand and occupancy for its retirement living and aged care services, especially in the wake of the COVID-19 pandemic, which has highlighted the need and value of quality and safe healthcare for the elderly. The company has also been named the Most Trusted Brand in the retirement living and aged care sector by Reader’s Digest six times, including 2020 .
  • The delay will also affect the shareholders of Ryman Healthcare, who have been enjoying the dividends and capital gains from the company’s performance and growth. The company has been paying consistent and increasing dividends to its shareholders, and has also been delivering impressive returns on its assets and equity. The company has also been rated as one of the best performing stocks on the NZX, and has been included in the NZX 50 Index, the S&P/NZX 10 Index, and the FTSE4Good Index .
  • The delay will also affect the customers of Ryman Healthcare, who have been looking forward to moving into the new Takapuna village, which promises to offer world-class healthcare services and facilities, as well as stunning views of Lake Pupuke and Auckland. The village, which will have 450 beds, 12 operating theatres, a 24-hour emergency department, a mental health unit, a cancer centre, and a helipad, will also have state-of-the-art technology, equipment, and amenities, such as a movie theatre, a hair and beauty salon, a bar and café, and a gym and pool .
  • The delay will also affect the community of Takapuna, which has been anticipating the benefits and opportunities of the new village, such as the creation of jobs, the boost of the economy, the enhancement of the quality of life, and the improvement of the health and well-being of the residents. The village will also be a centre of excellence and innovation, and will support the training and development of the healthcare workforce, as well as the research and education of the medical field .

The Future and Prospects of the $120 Million Retirement Village

Despite the delay, Ryman Healthcare remains committed and optimistic about the Takapuna project, and hopes to resume and complete it as soon as possible. The company has said that it is still keen and confident to build the village, which it believes will be a great asset and addition to the Takapuna area and the Auckland region. The company has also said that it is still working and waiting for the OIO approval, and that it is ready and prepared to start construction once it gets the green light .

The company has also said that it is still open and responsive to the feedback and suggestions of the community and the stakeholders, and that it is willing and able to make further adjustments and improvements to the plans and designs of the village, if necessary. The company has also said that it is still seeking and considering a name for the village, which it wants to reflect the history, culture, and identity of Takapuna. The company has invited and encouraged anyone with naming ideas to contact them and share their thoughts .

The company has also said that it is still excited and proud to be part of the Takapuna community, and that it looks forward to building and opening the village, which it expects to be a landmark and a legacy for the area and the industry. The company has also said that it is still grateful and appreciative of the support and cooperation of the production companies, the government, the unions, and the other industry organizations and partners, who have endorsed and backed the project and the initiative .