New vision for former nursing home revealed

No.5 Grange Ave, Taroona has been sold by Elders Hobart Commercial. Picture: Supplied

SOME of its neighbours are among the finest homes in Hobart.

So it should come as little surprise to hear that the future of this former nursing home is set to be high-end housing.

Prominent Tasmanian businessman Errol Stewart has purchased the Mary’s Grange property at No.5 Grange Ave.

He plans to build up to 12 residences.

“I have designed and submitted a DA (Development Application) for two new apartment towers of four levels in each, plus renovating a section of existing buildings into a further four dwellings,” Mr Stewart said.

“At the top end, we would be aiming for $2m-plus for each apartment.”

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No.5 Grange Ave, Taroona.

When the property hit the market back in April, the site had been sitting unused.

The Taroona nursing home was originally opened in the 1950s. But the 105-bed facility has been closed for about four years.

No.5 Grange offered 1.05ha of land in a prestigious, in-demand Hobart suburb, plus its multi-level buildings.

Mr Stewart said the property appealed to him in a few ways.

“The land looks northeast to the water, with sensational views, and there are parts of the existing structures that are recoverable,” he said.

“And it’s close to the beach.

“Another consideration was that it is a tough gig to develop — and that’s what I like — as it reduces the buy price, which provides opportunity for reward.

“Initially, I thought I might be able to restore a small part of the existing buildings — which we will — and I am now looking much more carefully to see if we can reuse more of the existing shells.

“If I can make this work, it will be a really good outcome.

“Also, Taroona is close to my children and my grandchildren.”

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Errol Stewart with former Tasmanian premier Peter Gutwein. Picture: Patrick Gee

The property was listed for sale with the commercial real estate team from Elders Hobart, with the sale negotiated by George Burbury and Richard Steedman.

Mr Stewart said he paid $2m for the nursing home and bought two houses located above the home for $1m.

“We are on site now and will get underway as soon as permits are issued,” he said.

“We have submitted a DA, but it is a painfully slow process as we have to provide so much information.

“I reckon I could get a meeting with the King before the DA is advertised.”