Miss Elizabeth Mageough died in 1869 and in her will she had directed that any residue left in her Will should go towards building a suitable place for elderly ladies of the Protestant faith could live.
Six Trustees were appointed, consisting of three clergy and three laity. They first met in 1871 and appointed Mr. Rawson Carroll as their Architect who, after much disagreement within the Trustees, finally reached agreement with the Board on drawings which are very like the current building. After a long search for a suitable site and changes in the form of construction to bring the costs within budget, the quote of £16,770 from Moyers Builders of Portobello was accepted.
The first residents moved in in November 1878 by which time a registrar, Matron and Chaplain has been appointed. Mageough has had many highs and lows since then and has gone through periods when it struggled to survive, but in the last few decades has slowly returned to something like its former glory.