The Leumeah building affectionately known as Panjo is still on the lookout for a new buyer.
The building, located on the corner of Campbelltown Road and Rose Payten Drive, was put on the market mid-this year after the owner – Grange Road Properties – decided not to proceed with plans for a 172-place child centre and 139 serviced apartments.
The council approved the application in 2015 but the owner failed to start construction and the development consent lapsed this past April.
Real estate agent Mark Litwin of Knight Frank said he had spoken with several companies in the last few months, following the close of the expression of interest period.
The companies had expressed their desire to use Panjo for health, education and religious purposes.
Mr Litwin said the size and location of the building had presented some challenges when it came to its sale, though he said “I do feel like we are close” to a resolution.
“The south west corridor has a lot of great prospects … but if this was a vacant asset in Parramatta, it would have been sold in a heartbeat. That’s one of the challenges we face (with the sale),” he said.
Mr Litwin said there was also the possibility that the owner may not actually sell if a deal could be struck with an organisation that wanted to lease the building.
“We have a few people looking at it from a tenants perspective which is exciting because if that comes off, the owners would hold on to it,” he said.
The building has had a long and chequered history.
It was originally slated to be the $45 million Panjo Destination for Children.
But in 2011 the owners went into receivership and so did the grand dream.
It was sold to Grange Road Properties in 2012, who submitted an application – which was eventually approved – to use the building as an apartment complex and child care centre.