Not for profit sells outgoing aged care home
Brisbane Water Legacy, more recently known as Central Coast NSW Legacy, has sold a c1964 retirement village at Gosford.
The not for profit is banking about c$18.5 million, sources speculate, for the 1.1 hectare waterfront holding covering 51-57 and 59 Masons Parade, Point Frederick.
The B4 Zoned Mixed Use zoned block came permit ready for a seven level complex with 54 self-care apartments – a mix with one, two and three bedrooms – which would have been provided as affordable housing.
Also forming part of the design was an office for BWL, a community centre and above ground car parking.
Instead, the incoming owner, a local developer, is planning luxury apartments, it is expected in a similar height building.
The permissible gross floor area is 22,066 square metres.
Any building can’t rise higher than 15 metres.
Change of plan
BWL first mooted the seven storey complex in 2018.
Two years ago, it unsuccessfully sought to divest part of the facility (51-57 Masons Pde) to fund the proposal.
It did however lease replacement apartments at a neighbouring property on Shortland St for five years with a five year option.
It offered 51-59 Masons Pde in March via CBRE’s Toby Silk. Hillier Real Estate’s Brad Hillier and Radhika Lodhia acted for the buyer.
The price is the highest paid for a Point Frederick property, Mr Hillier said.
An “iconic” project “that will redefine exclusive residential living on the Central Coast” is planned, he added.
This pocket of Point Frederick is about 1.5 kilometres from Gosford’s town centre.
Subscribe to our newsletter at the bottom of this page.
