It took eight years for Australian Unity to gain approval to build 90 independent living units and a 70-bed residential aged care facility, with basement car parking for 137 vehicles, in Lane Cove on Sydney’s Lower North Shore.

But nine months later, the Melbourne-based mutual fund has sold the approved development site.

“Australian Unity has sold its interest in the previously proposed development at 266 Longueville Road, Lane Cove, New South Wales to an entity established by Pathways Aged Care,” said an Australian Unity spokesman.

“The sale occurred following an assessment by Australian Unity that the proposed development, which was first pursued in 2016, was no longer aligned with the group’s strategic priorities.”

Lane Cove Council had entered into a 99-year lease with Australian Unity Limited in relation to the land. The development of the land has been the subject of opposition from some local residents.

Pathways Aged Care, whose Managing Director is Graeme Skerritt, owns and operates three “residences”: Cronulla Pines (169 beds), Killara Gardens (105 beds) and the 121-bed Sailors Bay in Northbridge.