Ryman co-founder Ryder launches a new wave of retirement villages

Thursday, 8 November 2018

The grey wave of retirees is supporting dozens of new village developments.

Rich lister John Ryder who co-founded Ryman Healthcare 34 years ago is behind a new wave of retirement villages in Hamilton, Nelson and Christchurch being developed by another company he majority owns.

Ryder's company, Qestral is currently selling down Burlington Retirement Village in Christchurch scheduled for completion next year, and is poised to begin work in Nelson and Hamilton as it looks for further development properties.

John Ryder, accountant, developer, manager and author.

He has an estimated fortune of $80 million, while Ryman co-founder Kevin Hickman has about $400m, mainly from their Ryman venture in which they retain small shareholdings. They pulled back from Ryman management and directorships years ago to embark on other interests.

Qestral's Burlington development embraces concepts that made Ryman Healthcare successful, including dementia care, although it boasts a more spacious approach and is pitched at the higher end of the market.

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An artist's impression of Burlington retirement village.

'When I was with Ryman I wasn't involved in development, I was more dealing with finance, marketing and operations,' Ryder said.

'Since then I've been more involved in development and I find it a huge privilege to have a blank canvas in the architectural design. It's very creative.'

Ryder said he had another book in him, following from his earlier tome on investing.

The next one might be about new investment waves such as electric vehicles, cannabis and media, he said.

Architect and Qestar director Kerry Mason.

The $140m Burlington village is being built by Armitage Williams on 14 hectares near Ngai Tahu's Prestons Rd subdivision to the north of Christchurch and features 3ha of man-made lakes.

Ryder said the company incorporated innovative architecture and new technical and recreational concepts – with large property footprints for independent, stand alone, two and three bedroom houses.

One of Qestral's directors is architect Kerry Mason who has completed projects around New Zealand with many post-earthquake rebuilds in his Garden City home town, including commercial buildings such as Duncan Cotterill Plaza in Victoria St, developed by Ryder and sold last year to an overseas investor for $24m.

The Burlington village is on track to open in March 2019. Qestral also owns the nearby Alpine View Lifestyle Village where development is nearly complete.

Ryder is executive chairman of Qestral, and its managing director is Simon O'Dowd, national chairman of the NZ Aged Care Association.

Burlington features three hectares of man-made lakes, and includes 200 houses, a 60-bed standalone rest home and hospital centre, a 20-bedroom dementia care complex and 40 serviced apartments. It will also include a lodge and clubhouse with amenities such as a hairdresser, bar, restaurant, bakery, church, movie theatre, gymnasium and indoor swimming pool.

In keeping with the majority of retirement villages, Burlington residents purchase a right to occupy, rather than a freehold property title. Prices are yet to be tested, Ryder said.

Ryman's recently-completed Bert Sutcliffe village.

O'Dowd said the retirement village market was changing rapidly and people wanted something individual and different – on-site facilities and design, with plenty of space, as well as integrated care.

'We are not cramping the site and will have no buildings over two storeys high.'

Qestral is about to begin work on a 12 hectare $125m retirement village on the Port Hills in Nelson called Coastal View.

Another $150m village in Hamilton is due to get under way soon, with 650 metres of river frontage close to the city.

Ryder said Qestral was seeking at least two more more sites in the North Island.

Meanwhile, Ryman recently completed its Bert Sutcliffe Retirement Village in Birkenhead, Auckland.