A property formerly used by St Basil’s Aged NSW/ACT as an aged care facility in Sydney has sold at auction for $17.255 million, with the new owner revealing it will be converted to a form of accommodation for affordable housing.
The vacant site known as St Basil’s Annandale (and previously as Sister Dorothea Village) is located at 252 Johnston St in the inner west Sydney suburb.
It was built in the 1970s and was permanently closed last year, with Chairman of of St Basil’s NSW/ACT James Jordan then stating it was “no longer fit for purpose”.
The retirement home facility of around 300sqm consisted of 83 bedrooms for low need residents and has development approval to expand with an extra level.
The auction followed a reported interest of 150 inquiries, with the winning bid outbeating five active bidders of the six registered.
“The majority of buyers were looking to convert into student housing or co-living,” said Peter Vines one of the auction agents.
“It’s very close to Sydney University and Prince Albert Hospital. It was in a really great spot.”
As reported by commercial property site realcommercial.com.au, proceeds from the site’s sale will be redirected to the refurbishment of the charity’s facilities currently in operation across Sydney and the ACT.
