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Australian charity to shed 13-hectare Sydney estate for A$200M

The Royal Institute for Deaf and Blind Children, considered Australia's oldest charity, is selling a 13-hectare estate in the Sydney suburb of North Rocks, with expectations of earning approximately A$200 million, The Australian Financial Review reported.

According to the March 5 report, the property at 361-365 North Rocks Road has been under the charity's ownership for 60 years. Chris Rehn, CEO of the Royal Institute for Deaf and Blind Children, was reported as saying proceeds from the sale will be invested in new campus buildings.

Colliers International, the marketing agent for the property, said they are now fielding inquiries for the brownfield site, which took two years to put on the block.

In light of the planned sale, the organization will be vacating the North Rocks site in 2020 and transferring to Macquarie University's Australian Hearing Hub, the paper noted.