Quirindi Care Services in the NSW North West Slopes has sold off two of its “non-core” properties, neither of which had been used for aged care in some time.
The community-owned organisation delivers aged care and retirement living services to the town of Quirindi, 68km southwest of Tamworth in northern NSW.
It recently sold off two properties – Cunningham Court (above) and Henry’s Hotel; the former had been rented out as office and apartment space, while the latter, originally the Elmswood residential aged care home, was converted into an
operational hotel after being declared not fit for purpose in the 1980s.
Board Chair Michael Lomax (pictured) told the Northern Daily Leader that neither of the two properties were profitable.
“If we continued at a loss over the period from 2020, at our deficit from this year, then we would be insolvent in four years,” he said.
“We have not been able to improve on 60% occupancy (at Henry’s). Anybody in the hotel services industry will tell you that that’s not financially viable.”
QCS has kept its “core properties” – the 68-bed Eloura residential aged care facility and two independent living villages, The Villas and The Gables, with 18 units between them.
Speaking to The Weekly SOURCE, Michael said that investing in Eloura and the ILU sites would cost around $1 million between them over the next three years, with the proceeds from the Henry’s and Cunningham Court sales to go towards these investments as well as protecting liabilities from RADs.
“Our priority has always been the residents of Eloura. That’s the only place where the aged in our community can go, so they’re the ones we’re going to protect first, followed by the 18 independent living units which come very closely behind,” he said.
He also dismissed rumours reported in the Northern Daily Leader that QCS was planning to amalgamate with a larger provider as “pure conjecture”.
“No intention at all, it hasn’t even been discussed at the Board level,” he said.
