Unbelievable Steal: Charity Organisation St Giles Acquires Million-Dollar Property for Just $1!
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In the world of property investment, it’s generally expected that purchases marked as ‘big wins’ require sharp market watching, hefty purchase prices, and nerves of steel.
What you don't usually expect is to buy a million-dollar property for the price of an on-sale chocolate bar.
But that's exactly what happened with the disability service provider St Giles!
St Giles, a Launceston-based charity organisation, recently purchased a million-dollar property for a small price of $1.
How is this possible, you ask? This is all thanks to a nearly four-decade-old clause tucked away in the property’s agreement.
This clause is one of the most impressive strokes of foresight we've seen in recent times, and we can only applaud those forward-thinking individuals who inked it all those years ago.
Just picture this: in 1984, the land that was home to the Newstead Heights School in Launceston was originally sold by St Giles to the Department of Education.
It seems like a straightforward deal until you realise that the sale was subject to a remarkable condition:
Should the department ever find itself no longer needing the school, St Giles had the option to snatch it back for an incredibly humble price of 50 cents.
When the school closed its doors and was listed for sale in 2017, St Giles became alerted to the potential return of their old property.
The condition, almost erased from memory, was unearthed by their long-standing employee.
The charity sifted through copies of old minutes and agreements before ultimately being able to seal the deal at $1 (the extra 50 cents added to keep up with inflation, how considerate!).
The charity’s Chief Executive, Honni Pitt, shared with ABC, ‘The agreement to sell it to the Department of Education for 50 cents was back in 1984, that’s a long time ago, people move on, and people change within government and within St Giles.’
She added, ‘There are three employees who have been with us some time who had heard of this arrangement and spoke about it. We went digging through the archives, found the old minutes of the meetings and thought, “you know what, it's true”, and we reached out to the state government.'
Launceston’s real estate agent, Phillipa Jenkins, described Newstead as the second-most valuable suburb in the area. She dubbed this property as 'worth millions'—a considerable return for the investment of a single, lonely dollar.
This purchase is a legal and financial coup that wouldn't be out of place in a movie!
However, St Giles has philanthropic, not profit-driven, plans for the property.
The charity has initiated a call to the Launceston community for ideas on the best ways to employ this multimillion-dollar asset in service of their mission: 'enabling people to thrive'.
From its side, St Giles, in collaboration with local architecture and engineering firm 6ty, plans a $7 million refit with state-of-the-art amenities, including a commercial kitchen and a hydrotherapy pool to cater to the community's needs.
6ty took to Facebook to say, 'We're proud to collaborate with St Giles to bring their vision of a community health precinct to life, right next to their Amy Road facility.’
The building's rejuvenation is targeted for completion in 12 to 18 months, following thorough planning and agreement with local governments.
What an amazing, heart-warming tale! St Giles’ triumph is an incredible example of brilliant foresight meshing with community spirit.
Members, have you ever encountered a surprising, hidden opportunity or clause that turned a situation into an unexpected success? We'd love to hear about your unique experiences and the lessons you've learned from them!
What you don't usually expect is to buy a million-dollar property for the price of an on-sale chocolate bar.
But that's exactly what happened with the disability service provider St Giles!
St Giles, a Launceston-based charity organisation, recently purchased a million-dollar property for a small price of $1.
How is this possible, you ask? This is all thanks to a nearly four-decade-old clause tucked away in the property’s agreement.
A former school located in Launceston's Newstead suburb, which is said to be worth millions, has been sold to the disability service provider, St Giles, for a mere $1. Source: Humphreys Real Estate
This clause is one of the most impressive strokes of foresight we've seen in recent times, and we can only applaud those forward-thinking individuals who inked it all those years ago.
Just picture this: in 1984, the land that was home to the Newstead Heights School in Launceston was originally sold by St Giles to the Department of Education.
It seems like a straightforward deal until you realise that the sale was subject to a remarkable condition:
Should the department ever find itself no longer needing the school, St Giles had the option to snatch it back for an incredibly humble price of 50 cents.
When the school closed its doors and was listed for sale in 2017, St Giles became alerted to the potential return of their old property.
The condition, almost erased from memory, was unearthed by their long-standing employee.
The charity sifted through copies of old minutes and agreements before ultimately being able to seal the deal at $1 (the extra 50 cents added to keep up with inflation, how considerate!).
The charity’s Chief Executive, Honni Pitt, shared with ABC, ‘The agreement to sell it to the Department of Education for 50 cents was back in 1984, that’s a long time ago, people move on, and people change within government and within St Giles.’
She added, ‘There are three employees who have been with us some time who had heard of this arrangement and spoke about it. We went digging through the archives, found the old minutes of the meetings and thought, “you know what, it's true”, and we reached out to the state government.'
Launceston’s real estate agent, Phillipa Jenkins, described Newstead as the second-most valuable suburb in the area. She dubbed this property as 'worth millions'—a considerable return for the investment of a single, lonely dollar.
This purchase is a legal and financial coup that wouldn't be out of place in a movie!
However, St Giles has philanthropic, not profit-driven, plans for the property.
The charity has initiated a call to the Launceston community for ideas on the best ways to employ this multimillion-dollar asset in service of their mission: 'enabling people to thrive'.
In 1984, the charity sold the property to the Department of Education with a clause stipulating that they could repurchase it for 50 cents if the department ceased to require the property. Source: St Giles
From its side, St Giles, in collaboration with local architecture and engineering firm 6ty, plans a $7 million refit with state-of-the-art amenities, including a commercial kitchen and a hydrotherapy pool to cater to the community's needs.
6ty took to Facebook to say, 'We're proud to collaborate with St Giles to bring their vision of a community health precinct to life, right next to their Amy Road facility.’
The building's rejuvenation is targeted for completion in 12 to 18 months, following thorough planning and agreement with local governments.
Members, have you ever encountered a surprising, hidden opportunity or clause that turned a situation into an unexpected success? We'd love to hear about your unique experiences and the lessons you've learned from them!
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