The ACT government has offloaded the Gold Creek Homestead, after it exchanged contracts with construction company Lendlease.
The Australian construction giant will build 45 retirement village units and a residential aged care facility on the 4.8 hectare site. The company has committed to retaining the historic homestead.
Lendlease was selected as the government's preferred tenderer in March.
Lendlease owns the neighbouring retirement village, The Grove. Part of the Gold Creek Homestead build will be an expansion of the existing village.
As part of the redevelopment, Lendlease Retirement Living senior development manager Arabella Rohde said the original homestead would be retained.
"This is an important step forward in our strategy to deliver quality over 55s living in Canberra with continuity of care in one location," Ms Rohde said.
"Our intention is to retain, restore and activate the original Gold Creek Homestead and ensure the design of the precinct respects its rich heritage.
"Once complete, the project will add 45 independent living units to The Grove - our existing highly sought-after village - bringing the total number of units to 206."
The former farm was first put on the market in 2018, but was taken off the market just two months later after the Suburban Land Agency wanted more time to work towards a "better balance of social and financial benefits for the ACT community".
This came after the National Trust called for the homestead to be retained.
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The Suburban Land Agency established a community panel, which provided feedback to the government on what they would like the future of the site to be. The site was then put back on the market in mid-2020.
The Gold Creek Homestead was built about 140 years ago and it grew wheat, merino sheep and beef cattle.
The ACT government acquired the land in 1998.
Housing and Suburban Development Minister Yvette Berry said Lendlease's plans best captured the "community values of the historic site".
"It will ensure Gold Creek Homestead's preservation in the future and is the exciting start into the next chapter of its history," Ms Berry said.
A spokeswoman for Ms Berry could not say how much Lendlease would pay for the site, citing the fact that settlement has not yet occurred.
