Residents at Caroline Chisholm Retirement Village in Lane Cove are in a state of limbo after the company operating the village was placed into liquidation in October.
It’s puzzling to see a retirement village in liquidation. If you believe the press, there is a lack of senior’s accommodation in Sydney. Retirement village operators are looking for sites in Sydney. In fact, a site in Northwood has been earmarked for a major aged care residential project. Pathways Residences (who currently operate 4 aged care facilities in Sydney) have signaled their intention to build a 130-bed residential aged care facility at 274 and 274a Longueville Road and 4-18 Northwood Road Lane Cove. This site is currently occupied by six buildings (including the Speedway Petrol Station and the Riverview Vet).
For residents of the Caroline Chisholm Facility, it appears to be a case of asset rich and cash poor.
Colliers International have been appointed with the aim of selling the Village to another retirement village operator who may retain or redevelop the Village or selling the Village to a property developer who may redevelop the Village into residential property. The timescale is dependent on which option provides the best outcome for all stakeholders (all residents are shareholders).
The good news is, that after the process has been completed, the Liquidator anticipates that sufficient funds will be realised to pay creditors and shareholders in full in a liquidation scenario, and that there will be surplus cash to distribute to Members, the quantum of which is unknown at this stage. The bad news is that if the property is sold for residential dwellings this will involve the residents having to leave their homes. Let’s hope that another operator comes in and there is little disturbance for the residents. One person told us that their parent is very happy with the services provided by Caroline Chisholm and that the standard of nursing care is exceptional.
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