Care home bought for £1 believed to have been sold for £12m to developer
PUBLISHED: 18:41 17 July 2015 | UPDATED: 18:42 17 July 2015
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A housing trust which provided homes for vulnerable residents has sold the historic care home it bought for £1 to developers for an estimated £12million.
Church Walk House, which housed 42 residents, has been sold by The Central and Cecil Housing Trust (CCHT) to developer Epsilon Real Estate.
Epsilon has shown off plans to residents to turn the building in Childs Hill into 38 apartments and six town houses.
Neighbouring All Saints Church ran a care home on the site for nearly 60 years before it said the costs became too high.
It was bought from the church’s charity by CCHT in 2011 for a nominal sum of £1.
As part of the deal, CCHT pledged to use the property to “provide housing for people of limited means”.
However, in March 2013, having run the site as a care home for two years, it closed Church Walk House and put the property on the market, insisting Barnet Council has an “oversupply of care homes.”
Two previous planning applications submitted by CCHT in 2013 saw a backlash from residents.