Old Oak Properties has purchased a massive 160-acre tract of land in London's northeast from the province for $17 million.
The former London Psychiatric Hospital on Highbury Avenue North at Oxford Street East straddles the CN Railway and contains 23 buildings, some dating back to 1884.
The City of London has already approved a plan to redevelop the property, which will include a mixed-use space with residential, transit, heritage, open space and academics as the focus.
However, four building and a tree-lined boulevard are under heritage protection, including the infirmary building, Chapel of Hope, assembly hall and horse stable. They will be maintained under the auspices of the Ontario Heritage Trust.
In a statement, Elgin-Middlesex-London MPP Jeff Yurek said, “Putting this property back into productive use will benefit London residents by providing well-needed economic development and jobs...Helping local economies across the province is one our government’s key priorities.”
The sale is expected to save the province over $778,000 in annual maintenance and liability costs.
