The Ontario government has announced the sale of the former London Psychiatric Hospital property to developer Old Oak Properties for $17 million.
A press release from the government says the deal for the 160 acre lands located at 850 and 900 Highburry Avenue, was approved by the City and it will become a large, mixed use community with residential, transit, heritage, open space and academic area.
Of the 23 buildings currently on the property, 4 of the buildings have been deemed heritage and will survive redevelopment.
According to the its press release, the Province spent over $778-thousand a year in maintenance and liability costs for the property.