Last week a four year battle to establish a new 87 bed aged care facility and dementia day clinic on Government land overlooking Sydney Harbour was killed off.
Locals and others opposed to the development won the day and the $27 million private development was cancelled. With it went the $1 million a year in rent that the cash-strapped Sydney Harbour Federation Trust stood to receive.
It’s a difficult one. On the one hand, we need more aged care beds and we also could do with private money to fund new parks to be built.
And no doubt the care residents and clients, their families and staff would appreciate the unique position and harbour views.
But then, once such land is gone, it’s gone.
And care operators can afford to acquire land close by that is not in a national park.
Public land, private profits?
Phil Smith, a property advisor with Colliers, told a conference in Sydney earlier this year [the retirement village and aged care Leaders Summit]that individual beds in the northern suburbs of Sydney are now valued at up to $500,000 in premium real estate. On that basis, this 87 bed facility could have been worth $43 million when built. This most probably was not the case four years ago when the Middle Head project started.
The fact remains: we need more aged care beds and people want them close to family.
Middle Head ticked a lot of boxes and now, four years later, the people of Mosman are back to square one in getting a new care and dementia unit.
Was it the right decision or the wrong decision? What is your opinion?
