Former psychiatric hospital sold to Old Oak Properties
A London developer has won the bidding for the old London Psychiatric Hospital and the land surrounding it.
The Ontario government announced on Thursday morning that the former LPH and the roughly 60-hectare plot of land on which it sits have been sold to Old Oak Properties for $17 million. The buildings and land were put up for sale last summer, four years after the last patients were moved to the new facility at Parkwood Hospital.
A plan for the lands approved by city council included residential buildings, shops, access to transportation, and community hubs in the historic sites.
“Putting this property back into productive use will benefit London residents by providing well-needed economic development and jobs,” said Elgin Middlesex London MPP Jeff Yurek in a statement released by the government on Thursday. “Helping local economies across the province is one our government’s key priorities.”
There are 23 buildings on the site, four of which are considered heritage buildings (the infirmary building, the Chapel of Hope, the assembly hall, and the horse stable). According to the province, those heritage buildings will be protected through an easement with Ontario Heritage Trust.
The government said the sale will save taxpayers over $778,000 per year in maintenance and liability costs.