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Not for Profit

NFP Vasey invests in the future, buying 16-unit block for $11M next to Northcott Gardens in Lane Cove

1 min read

Out of five active bidders,  Vasey paid $500,000 over the reserve price for the block (pictured), which is next door to its Northcott Gardens village, which has 57 self-contained one-bedroom units. 

Together the two sites now deliver 5,000sqm of land. 

“They’ve now created a 5,000sqm block,” said Ray White Commercial Eastern Suburbs agent Zorick Toltsan. 

Vasey plans to keep the site, which generates an annual income of $450,000, as it decides what to do with it in the future, he added. 

The Not For Profit owns and operates five retirement communities in Sydney.  

Browse villages.com.au for the latest on Seniors Living including availability. 

Future of retirement living: Westpac Leading Conversations at the Wharf

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