Tuesday, 28 August 2012 00:06
ADMINSTRATORS for defunct western suburb private college Mowbray are likely to recover just half of the school’s $18 million debts from the sale of its three campuses alone.
In what is described as a complicated sale campaign in which value will depend on potential land usage and in particular if the sites can be rebuilt as residential projects – the three school campuses are speculated to be worth a total of about $9 million.
The largest school – the 17.75 hectare Patterson campus in Melton is expected to sell for about $6 million, according to sources. Two smaller campuses in Caroline Springs, including the 1.25 hectare Residential 1 zoned Town Centre Campus at 183-191 Caroline Springs Boulevard, and the 1.06 hectare Brookfield campus at 5 Stevenson Crescent are expected to each reap about $1.5 million.
The two Caroline Springs campuses are the most suitable for medium density residential redevelopment.
Sources say private schools seeking an avenue into the growing western suburb private school market see the Melton campus in particular as a chance to buy well below cost price.
CBRE and Fitzroys are representing administrator Deloittes marketing the three ex-Mowbray sites.