The Raglan Hospital Charitable Trust sold the hospital building in Manukau Rd for $914,000 on the 26th August 2011. The sale was announced at the Annual General Meeting of the Trust held on the evening of the 24th November. As the Trust sold the hospital business some years ago, the sale of the building means that the Trust no longer owns any part of the hospital. Peter Storey, Chair of the Trust said that as part of the sale agreement the Board had an ongoing advisory role with new owner of the hospital.
The Board advised people at the meeting that it had banked the money on a 2-year term and hoped that the interest received over that period would build the amount up to one million dollars. The Trust’s annual accounts indicate that it does have some small loans to repay and financial obligations to the Waikato District Heath Board and the Sunset Heights Body Corporate.
The Trust announced that it intends to use interest from the investment fund to make grants to the Raglan community for areas covered by its trust deed relating to care. It is taking advice on setting up a suitable grant application system.
The meeting passed a vote of thanks to the Board members for their management of the hospital over the preceding years.
“Peter Storey, Chair of the Trust said that as part of the sale agreement the Board had an ongoing advisory role with new owner of the hospital.”
And when the prime real estate and elder care business are sold again what will be the nature of the ‘advisory role’ with the next lot owners?