Aevum buys Salvation Army village - expands its lead as the largest private operator in NSW

Jun 21 2007 Updated July 4, 2023

The Weekly Source

1 min read

The Salvation Army scored $17 million when it sold The Willows, one of Sydney's largest villages located in Northmead. With 148 ILUs and 48 serviced apartments plus 5.6 ha of land, it looks like a good deal for Aevum. However, being an ageing strata title village, it does have its complications. Which may be why the Salvation Army sold it rather than being the developer itself, given that it has several hundred million dollars worth of village developments of its own in progress right now under their Eastern Command.

With The Willows, Aevum now has 14 villages in NSW. The youthful CEO of Aevum, Simon Owen, has transformed the old Hibernian Society into dynamic sector leader in just three years. Net profit last year was $13.4 million, up 174%.

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