Demand and occupancy rates at Jane Winstone Retirement Village in Whanganui remain high despite the village’s owner reporting a downturn in profit.
NZME earlier this week reported the net profit of Ryman Healthcare, the owner of Jane Winstone, fell by 4 per cent from $193 million a year ago to $186.7m for the six months to September 30.
Ryman tied the downturn to a drop in house prices making people more reluctant to buy and sell into a retirement village.
This meant the company felt the pinch during the last half year.
Ryman is the largest listed retirement company in Aotearoa, operating 48 villages in New Zealand and Australia, including Jane Winstone on St John’s Hill.
A Ryman spokesperson said demand for independent living is strong at Jane Winstone and occupancy within the village remains high.
High occupancy rates are consistent across the company’s villages, with occupancy improving to 96 per cent, 2 per cent higher than the same period last year, taking rates back to pre-Covid levels.
The company reported a $139m underlying profit, up slightly on the $138m it made a year ago and total revenue rose from $274m to $322m.
Ryman has five sites where it has stopped work after it already began, or it is quitting the land, but Jane Winstone is not one of them.
Ryman said normal maintenance and annual refurbishment work was being conducted at the village, but there were no plans for expansion at this time.
“Ryman continuously reviews the presentation and functionality of all our villages to ensure they meet the high standards our residents expect.”
Finn Williams is a multimedia journalist for the Whanganui Chronicle. He joined the Chronicle in early 2022 and regularly covers stories about business, events and emergencies. He also enjoys writing opinion columns on whatever interests him.