St Basil’s sells 50 year old retirement home
The NSW/ACT arm of St Basil’s has sold the former Sister Dorothea Village aged care home, in Annandale, which closed late last year after half a century.
The Greek Orthodox not for profit banked $17.255 million at auction for the four level complex on 2983 square metres at 252 Johnston Street, also once known as St Basil’s Annandale.
The price was about 15 per cent less than the guide when it was listed in May.
St Basil’s will tip proceeds into community programs and to support charities.
Co-living providers chase vacant aged care stock again
The incoming owner of 252 Johnson St, a local developer, is expected to repurpose the property for an affordable or social housing project; with 2983 sqm, it contains 83 suites, many with balconies, common areas and a commercial kitchen.
Units from the second storey get city skyline views.
St Basil’s offered the property permit-ready for a one level extension.
Zoned R1, development outcomes could have included another senior living or aged care complex, residential, boarding houses, serviced apartments, a hotel or student accommodation.
Alternatively the structure could be refit as a healthcare facility, Ray White Commercial’s Peter Vines, who marketed the asset with Victor Sheu and Vee Li, said.
The deal comes two months since the Queensland government’s Department of Housing and Human Services outlaid $20m for two ex-Aveo nursing homes – in Toowoomba and Brisbane’s inner north – also with plans to repurpose for housing.
In Melbourne’s Burwood meanwhile, in March, an offshore investor acquired the ex-Trinity Manor aged care home with plans to reconfigure the 110-bed home for a supported residential services facility focusing on NDIS participants (story continues below).
CBRE’s Marcello Caspani-Muto, Sandro Peluso, Jimmy Tat and Will Carman brokered the Queensland and Victorian deals.
St Basil’s Annandale
Six suitors registered for the auction of 252 Johnston St with five bidding.
“There’s a housing crisis in Sydney and being able to adapt something and provide an affordable housing product is a great opportunity and given the current cost of construction, the conversion of existing improvements should be a huge saving,” Mr Vines said.
“The improvements were so big and well-built that it would be a shame to knock them down and start again,” he added.
“The majority of buyers were looking to convert into student accommodation or co-living,” according to the executive.
“It is very close to Sydney University and Prince Albert Hospital…we had people looking to use it for drug and alcohol rehabilitation [too].
The deal comes six months since Revelop outlaid a speculated $19m for an older-style Cremorne apartment block for its two year old co-living division, WeHome which also holds Sydney assets at Balgowlah, Harris Park, May Hills and Petersham.
Last year, meanwhile, Aspen acquired Brisbane’s former Uniresort, in Upper Mount Gravatt, for $18.5m to reconfigure as a co-living investment.
Following the Annandale sale, St Basil’s NSW/ACT holds five Sydney facilities.
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