The SA-based Not For Profit has sold its eight villages to SA’s oldest charity in a deal that’s being billed as a win-win for both organisations.
The sale negotiated by Justin Hazell at Colliers International includes 56 units at Elizabeth East, Payneham South, Firle, Christies Beach, Christie Downs and Victor Harbor.
The Wyatt Trust plans to use the funds to expand its grants for people in need, which now add up to around $3M a year.
It’s also a good fit for the Benevolent Society, which was established in 1849 and has a history of offering affordable housing for disadvantaged people. CEO Tim Ryan says taking on the portfolio will allow the society to help more people, taking their stock to about 250 properties.
