The Royal Star & Garter Homes, the charity for disabled ex-servicemen and women, has sold its Grade II listed building overlooking Richmond Park in south-west London for more than £50m.
The Richmond Home was established in 1916 to treat ex-servicemen returning from the First World War, and is today used to provide nursing and therapeutic care to about 50 former service personnel.
But the charity took the decision to sell the site after deciding that it could not be renovated further to meet the needs of residents, and will spend the money on constructing three new care homes.
It has already constructed one new home in Solihull, West Midlands, and it expects to complete a second in Surbiton, south-west London, this summer. Work will also start shortly on a new care home in Buckinghamshire.
Mike Barter, chief executive of the charity, said: "The Richmond Home was established on this site in 1916 and has played a central role in our rich history ever since. Our residents have always come first and regrettably this building cannot be adapted any further to provide the facilities and quality of care that they deserve.
"The charity is in the process of investing £53m in three new purpose-built care homes with state-of-the-art facilities.
"The sale of our Richmond buildings will help the charity deliver its exciting plans for providing care for our brave ex-servicemen and women for very many years to come."
Richmond Home has been sold to the developer London Square for conversion into residential properties. The sale is conditional on receiving planning consent to change the use of the building from a care home.