Inner West aged care facility St Basils sells to developer for $17m plus
The future of an Inner West retirement home has been revealed after its sale.
The future of an inner west retirement home has been revealed after selling for over $17m with proceeds going to charity.
The property, at 252 Johnston St Annandale, sold at auction for $17.255 million with plans to convert it into much needed affordable housing.
The vacant retirement home, known as Sister Dorothea Village – and more recently as St Basil’s Annandale – includes 83 rooms, balconies, common areas and a commercial kitchen.
The property, which has views of the city skyline, also has development approval to expand and add an extra level.
Former aged care home sells at 252 Johnston Street in Annandale.
The site has 83 bedrooms.
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Funds from the sale will go towards the refurbishment of St Basil’s existing aged care facilities across Sydney and ACT, a move which the company said will enhance their customer experience.
The Annandale site was marketed by Ray White Commercial Western Sydney agents Peter Vines, Victor Sheu and Vee Li on behalf of St Basils aged care.
The property had high interest with 150 inquiries, while the auction saw six registered bidders with five active.
“The majority of buyers were looking to convert into student housing or co-living,” Mr Vines said.
“It’s very close to Sydney University and Prince Albert Hospital. It was in a really great spot.
“We had people looking to use it for drug and alcohol rehabilitation and not-for-profits.
Former aged care home sells at 252 Johnston Street in Annandale
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“There were a lot of potential uses but it required a lot of work to make it more modern and convert it.”
The winning bid went to a private developer who plans to convert the site into affordable housing.
“The buyer is looking at converting the existing improvements to some form of accommodation,” Mr Vines said.
“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.
“The improvements were so big and well built that it would be a shame to knock them down and start again, there’s almost 3000 sqm of building ready to be converted.”
