The well-known village operator has purchased the 48-unit Caroline Chisholm Retirement Village in Lane Cove in Sydney’s north for $20 million from PPB Advisory.

The not-for-profit village had been owned by the residents and their families, but went into liquidation last year following poor sales and low occupancy rates.

There was plenty of interest from a number of aged care and retirement operators in the large site, with the top three bidders offering more than the initial valuation of the site.

This was good news for the employees and the residents, with all of the employees and creditors paid what they were owed and the 47 residents who owned the village each earning a profit of $375,000.

The residents have now all relocated using the new funds, while RetireAustralia plans to redevelop the property for a new generation of residents.

Lane Cove and its surrounding suburbs are a popular area for retirement villages – including vertical villages – with one of the highest over-65 populations in Sydney.