Victorian government confirms $1m sale of Sunbury asylum to The Block

The former psychiatric hospital in Sunbury has sold for $1m to The Block, in a deal that is being defended by the Victorian government. The Victorian government has defended the shockingly low price it sold a former Sunbury psychiatric hospital to The Block at a paltry $1m. It’s barely half the $1.95m Channel 9 paid for the Bondi block of apartments they used for the very first season of the show in 2002 almost a quarter of a century ago. Meanwhile a local real estate agent has indicated that once renovated, the six homes to be built into the site could command prices north of $2m each, and would very likely exceed $1m — with homes already for sale at that level in the suburb. RELATED: The Block 2027: Sunbury’s former psychiatric hospital to become five homes The Block’s reported $1.1m Sunbury land deal raises questions over taxpayer value ‘No rules’: Block star’s tears over shock act They’ve even estimated it could see The Block reap a sizeable profit after building cost estimates and acquisition prices appeared to suggest their builds would have left them significantly in the red for their Daylesford season. A Department of Transport and Planning spokesman yesterday said the sale...