Ryman Healthcare bails on $240m Christchurch village, quitting site

Neighbours of the Christchurch site have been reported as complaining about graffiti, dumped rubbish and weeds on that site, stalled in the economic downturn.

“Marquee site languishes”, reported The Press last year.

CBRE referred today to the land as a “trophy site in central Christchurch”.

The Park Terrace site is opposite the beautiful Avon River. Photo / ChristchurchNZ

Darby said it was a development opportunity unmatched in the city.

“Opportunities of this calibre simply do not come up in the CBD, with only one comparable sale in the past decade,” Darby said.

The site has frontages to Park Terrace, Peterborough and Salisbury Sts.

It also has unobstructed north and west-facing boundaries.

CBRE executive chairman Brent McGregor said: “This provides exceptional, protected sun and natural light, as well as breathtaking 180-degree views over Hagley Park and the Ōtākaro-Avon River.”

It is in the city’s premium dress circle.

Ryman earlier this decade had called the project Park Terrace Village but has now removed a link to all marketing of it on the website.

Naomi James, chief executive of Ryman Healthcare.

In 2021, hearing commissioners approved plans for six buildings on the site, 155 units with one to three bedrooms as well as 54 assisted living suites, as 70 rooms for aged and dementia care.

A swimming pool, gym, bowling green and a restored heritage chapel were part of the huge scheme.

That was to be the company’s largest investment in Christchurch, where it was originally founded last century by John Ryder and Kevin Hickman – hence the name Ryman.

Neighbours opposed the plans on the basis of bulk and density, but commissioners agreed to it, as long as some changes were made.

A Ryman spokeswoman said it had previously announced a review of its land bank holdings to identify sites which do not meet its criteria for future development and where greater value can be delivered for shareholders through divestment.​

​“Land bank divestment forms part of Ryman’s broader transformation programme announced during the February 2025 equity raise.

“This includes the target of releasing $500 million of cash over the next three to five years, primarily through the sell down of existing unit stock and selected landbank divestment.​”

​She said land bank sites were being reviewed against investment criteria focused on demographics, demand, build complexity, staged delivery and competition.

“Park Terrace has been selected for potential divestment and is now being actively marketed.”

Ryman Healthcare construction on Killarney St, Takapuna where it paused building. Photo / Jason Dorday

In 2023, it changed plans for many sites.

It described the housing market as “challenging” and said it would be selling two sites and deferring work on another three:

Selling land at Kohimarama after abandoning a controversial $150m plan strongly opposed by neighbours;Selling land in Newtown, Wellington, described as an extremely capital-intensive site;Pausing work at the ex-fire station site at Takapuna;Development of Melbourne’s new Ringwood East village has been paused, although basement work has also begun;Expansion of Murray Halberg Village in Lynfield, Auckland, has been paused.

In its latest year, Ryman made a $436.8 million loss after devaluations rose 532%, hitting its bottom line hard.

But total revenue rose 10% from $689.9m to $760.7m after the business continued to sell nearly as many units in the latest year as it did a year previously.

In the year to March 31, 2025, the retirement giant’s properties were devalued by $169m, a big jump on 2024’s $39m devaluation. That was what hit its bottom line, partly prompting the $436.8m loss.

One-off costs, non-cash asset write-downs and a higher interest expense were blamed for the loss.

The company referred to “challenging market conditions”, making 1523 sales of occupation rights, down on 2024’s record 1574 sales.

Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.