The New Zealand company has just had the plans for a 400 resident village approved by Whitehorse Council, after purchasing 2.5ha of the 20.5ha Brickworks site from Frasers Property in 2016.
It will include 174 independent apartments, 91 assisted living suites and 132 aged care beds.
Last week Ryman snapped up failed developer Steller’s aged care site at Graham Road in Highett for $28M.
The Stellar purchase brings the tally of villages under development to 11 since Ryman opened its first village at Wheelers Hill in Melbourne’s SE, five years ago.
Steller purchased the two neighbouring blocks that make up the Highett site in December last year, paying $2.8M for one and $18,888,889 for the other generating a tidy $6.9M profit.