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Written by Marc Pallisco
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Monday, 19 July 2010 00:22 |
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 IT was described as the “best bargain development site” to sell during the economic downturn, and now builder EG Funds Management is ready to cash in.
The former Hedley Sutton Retirement Village, on the corner of Canterbury Road and Gascoyne Street, is being replaced with a medium density housing project, called The Canterbury.
EG paid Baptcare just $12.53 million for the 8161 square metre site in late 2008, at a particularly depressed time in the residential development site market.
Baptcare relocated 93 residents to a new $25 million Hedley Sutton aged care facility, built into the 1870 Italianate mansion, Linda, built by James McEwan of the new defunct McEwan Hardware.
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