The NZ-owned operator has bought the 48-unit Caroline Chisholm Retirement Village from liquidators PPB Advisory, according to the Fin Review.
The two-parcel site attracted 13 bids from property developers and aged care providers, with the three highest bidders putting in offers higher than the valuation of the property. This allowed employees and trade creditors to be paid in full and gave all 47 village resident shareholders a profit of $375K each.
As we reported here, the Not For Profit assisted living village, which was owned by the residents and their families, went into liquidation last October after low occupancy and unit sales.
The payouts allowed remaining residents to relocate. RetireAustralia now plans to redevelop the property.