Ryman Healthcare has scrapped plans for a NZ$240 million retirement village in Christchurch, New Zealand, and placed part of the site on the market.
The operator had secured development consent in 2021 for six buildings of up to seven storeys, but financial pressures forced repeated delays. With its market capitalisation falling from $8.13 billion in February 2022 to $2.21 billion today, Ryman has now abandoned the project altogether.
The decision follows the company’s 2023 move to pause all planned new villages where construction had not yet commenced, after posting a record annual loss. Ryman later launched a review of its landbank, identifying sites to divest in order to reduce debt and reset its balance sheet.
That reset is ongoing. In the past financial year, Ryman’s net loss deepened to NZ$436.8 million.
A company spokesperson confirmed the Christchurch block was one of the sites deemed unsuitable for future development. “Greater value can be delivered for shareholders through divestment,” the spokesperson said.
It is not the first land disposal by the operator. In April, Ryman sold a 9,065sqm block next to its Dame Nellie Melba retirement village and aged care home in Wheelers Hill, 23km southeast of Melbourne’s CBD, for a reported $9.1 million.
