Residents at the Caroline Chisholm retirement village in the North Shore suburb of Lane Cove, 9km from the CBD, will have to vacate their units as early as 31 July after the village went into liquidation last October.
The village, which had been owned by a not-for-profit company of which the residents or their families were shareholders, was put up for sale this year with 15 expressions of interest received for the 4,494 m² site.
With this number now down to three – and a sales contract expected to be issued by mid-June – administrators PPB Advisory have warned residents that they need to look at re-locating.
“We have not issued a formal notice, but explained to everyone that the successful purchaser will most likely require vacant possession of the site by July 31,” PPB partner Phil Carter told The Daily Telegraph.
However residents say it has been difficult to plan in advance without knowing what they would receive from the sale.
Mr Carter says they are “working towards delivering an outcome that exceeds the prices previously paid by residents for their units.”
In the Sydney market, receiving the value of a property say 10 years ago is no good – prices have tripled since then.