New Zealand retirement village operator Ryman Healthcare is to spend $NZ200 million ($A183.13 million) building its third village in Melbourne.

The Christchurch-based company purchased a 2.5-hectare site in Burwood East, part of a Frasers Property Australia redevelopment of the 20.5ha former Burwood East brickworks, it said. The site will be redeveloped into a $NZ200m retirement village for more than 400 residents, with independent living apartments and an agedcare centre including…