The operator of St Vincent’s Hospital is hoping to cash in on the tail end of the Sydney housing boom by listing a row of five Victorian terraces in Darlinghurst for about $11 million, the Sydney Morning Herald reports.
“The major factor for us in selling these properties is, simply, it’s time,” said a spokesperson from St Vincent’s Health Australia, the country’s largest not-for-profit healthcare and aged-care organisation.
“We can use the funds that are locked away in these assets to deliver new services and grow our mission of responding to community needs.”
Belle Property Double Bay’s Peter Starr said the terraces were bequeathed to the hospital in the 1980s and offer a combined holding of 877 square metres on Boundary Street, on the Paddington-Darlinghurst border.
Of the row, the largest two terraces at the end have been left unoccupied for decades and are considered condemned, given the outer walls are propped up by steel beams.
Despite their uninhabitable state, the two terraces are the most expensive of the row, given they are set on one title of 505 square metres and include an adjoining vacant site. The lot’s guide is $5 million to $5.5 million.
“There is the potential to build three terraces or two larger terraces, given this lot has a 15 metre street frontage,” said Starr, who has listed the holding with Savills’ Nick Lower.
The remaining three, smaller terraces are currently leased, and are on offer separately for about $1.8 million each.
The whole row goes to auction on-site on June 4.
A search through historic title records reveals the three leased terraces were left to the Sisters of Charity by the estate of Greenwich accountant Frederick Jackson, who died in 1984.
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St Vincent’s Hospital hopes for healthy return from deceased estate (Sydney Morning Herald)
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