Accelerated Sale Generates over $15 million in Revenue for the People of Ontario
January 17, 2019 - Today, Ontario's Government for the People announced the sale
of the former London Psychiatric Hospital to Old Oak Properties for $17 million.
This accelerated sale of a surplus property by the government reduces liability
and maintenance expenses and puts more money in people's pockets.
"Our government is delivering on our commitment to implement a more efficient and
responsible process for selling buildings and property no longer needed to deliver
government programs," said Bill Walker, Minister of Government and Consumer Services.
"This sale demonstrates how reducing red tape is helping to make life better for
the people of Ontario by saving millions of dollars in maintenance costs and generating
significant revenue for the province."
The sale of the former London Psychiatric Hospital will put the property back into
productive economic use. The City of London has an approved plan for the redevelopment
and reuse of this property which includes a large mixed-use community with a residential,
transit, heritage, open space and academic focus.
"Putting this property back into productive use will benefit London residents by
providing well-needed economic development and jobs," said Jeff Yurek, MPP for Elgin—Middlesex—London.
"Helping local economies across the province is one our government's key priorities."
- The 160-acre former London Psychiatric Hospital lands are located at 850 and 900
Highbury Avenue in London, Ontario, and include two parcels of land, separated by
the CN Railway.
- There are 23 buildings on the property, including the original psychiatric hospital
dating back to 1884.
- Of the 23 buildings, four buildings and the tree-lined boulevard are considered
heritage and will be protected through an easement with Ontario Heritage Trust.
This includes the infirmary building, the Chapel of Hope, the assembly hall and
the horse stable.
- The sale will save the government $778,074 annually in maintenance and liability
costs and generate over $15 million in net revenue for the province.
- The former London Psychiatric Hospital is one of 243 properties and approximately
14,600 acres that the government is putting back into productive use that will generate
roughly $105 to $135 million in net revenue over four years.
- The sale was completed by Infrastructure Ontario who also managed the property since
St. Josephs Health Care moved to their new facility in 2014.