Tuesday, 16 April 2024
    St Giles scoops million dollar property for $1
    27
    Jul
    Disability

    St Giles scoops million dollar property for $1

    With the cost of real estate in Tasmania skyrocketing in recent years, a northern Tasmanian charity can claim it has got the deal of a lifetime, ABC News reports.

    A disability supporter provider in Launceston has been able to buy back a property it previously owned for the bargain price of $1, thanks to the long memory of an employee.

    The property at Amy Road in Newstead was the original location of St Giles before the provider sold it to the Education Department in the 1980s for 50 cents.

    The proviso was that when the education department no longer needed the Newstead Heights School, it would be sold back for the equivalent of 50 cents, which due to inflation is now $1.

    St Giles chief executive Honni Pitt told ABC Northern Tasmania Breakfast the recent acquisition of the old Newstead school from the state government came about via a stroke of luck.

    "It wasn't until we saw a for sale sign on the property that one of our longstanding staff members thought to mention that she had some recollection that perhaps this agreement was in place.

    "There are three employees who have been with us some time who had heard of this arrangement and spoke about it, mentioned it, brought it up and we went digging through the archives, found the old minutes of the meetings and thought, 'you know what, it's true', and we reached out to the state government."

    After a lengthy legal process, St Giles acquired the land and building a few weeks ago.

    Launceston real estate agent Phillipa Jenkins said the area was in high demand.

    "It's an amazing deal, isn't it," she said.

    "But all in all, St Giles is a great organisation so it's probably well-deserved."

    FULL STORY

    St Giles disability provider buys back school site for $1 after staffer remembers contract clause (ABC News)

    PHOTO

    St Giles asset manager David Cameron and chief executive Honni Pitt at the former Newstead Heights School. (Supplied: St Giles)