Central Coast Legacy has listed its iconic Gosford waterfront site for sale.
The 11,000sqm block has housed the Legacy Retirement Village since the 1960s, providing accommodation for the widows and families of war veterans.
Despite additions made in the 1970s, the site is no longer adequate for its purpose.
An initial plan to redevelop the units was not financially sustainable or responsible for the charity organisation, which has secured apartments at an adjoining property in Shortland St, Point Frederick as rental on a 5×5 head lease including an on-site manager unit and common/meeting room for residents and volunteers.
As a result, the site at 51-59 Masons Pde will be sold, with all funds applied to Central Coast Legacy.
The organisation provides more than $900,000 in funding each year to support war widows and families of veterans on the Central Coast, with no government support.
All current residents will be accommodated in the new apartments, at the same rental rates, with rental costs supplemented by the Legacy Welfare program, and relocated by local company Transition Angels in the next few months.
Chief Executive Officer Peter Lawley said the residents would be housed in affordable housing, supported both financially and with continuing services from Central Coast Legacy, in new 65sqm one-bedroom apartments/studios, in comparison to their current 21sqm bedsitter units at exactly the same rent.
The Legacy units in York St (Central Coast Hwy) will remain as part of the Central Coast Legacy accommodation services.
In total there will be 23 units provided by Legacy at low cost.
Lawley said Central Coast Legacy would be able to continue to provide affordable housing to the families of veterans for many years to come.
Potential buyers should contact Toby Silk on 0422 143 813 or email toby.silk@cbre.com.au
