Administrators to Recover Just Half of Mowbray’s Debts From Campus Sales

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.

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Victorian State Government Reaps $16 Million From Education Sites

AS TEACHERS and the cashed-up education unions bully for more pay, the cash-strapped Baillieu government has been forced to sell two prime assets including the landmark former Kangan TAFE in Gwynne Street Richmond, expected to one day make way for a  $200-million plus mixed use village.

In a busy week for school sales and listings, the state has reaped $9.25 million for the 7637 square metre inner-east site which will cease operating as a Kangan next March.

The Business 1 zoned property (aerial pic, right) is heralded as the largest commercial development site to sell in Melbourne this year measured by value – but it’s estimated the property could have been worth more than $20 million should it have sold with a more flexible zoning allowing for residential redevelopment.

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Baillieu Government $5.5 Million Richer After Parkville Police Station Sale

THE cash-strapped Baillieu government is some $5.5 million richer after selling a prominent Parkville property to developers.

The former Parkville police station at 155 Royal Parade was listed for sale after the boys in blue relocated to a new four-storey facility in Wreckyn Street, North Melbourne.

On an 1802 square metre block and with two street frontages (see aerial picture, right), the site is expected to be replaced with an apartment complex exploiting unobstructed park views. It is unknown whether an original station building, developed in 1878 will be retained as part of the redevelopment.

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Development Site, Southbank, For Sale With Permit

PLANS are afoot to develop another major skyscraper on a Southbank site abutting the West Gate Freeway.

The affected site at 61-71 Haig Street, with rear access to Blakeney Place, is on the city side of the major freeway, near Crown Casino, the Melbourne Exhibition Centre and Clarendon Street shops.

Now being offered for sale, and with price expectations of about $14 million, the 1857 square metre site is not being offered with a permit. However the area is permitted for buildings of about 100 metres, meaning the commercial sites could make way for a residential tower of about 30 levels.

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Vasey RSL To Sell Hawthorn Hostel For $7 Million

ANOTHER property in Lisson Grove, one of Hawthorn’s most revered tree-lined streets, may be replaced with a medium density, luxury apartment village.

At #20, Vasey RSL Care has listed for sale a 3560 square metre hostel that is being marketed as a development site, and is expected to sell for about $7 million.

The property includes a historic building up front, and a 1960s rear extension with a communal kitchen, dining  and recreation rooms and 58 independent living units mostly configured as bedsits and one-bedroom flats.

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South Yarra Development Site Sells For $5.5 Million

A SOUTH Yarra development site within the Forrest Hill precinct that is quickly becoming a high-rise apartment compound, has sold for $5.5 million to a consortium of off-shore and local investors.

The 10 Claremont Street residential development (artist impression, right) is one of the areas densest proposals – permitted to rise 17 levels and include 104 flats of which 89 are configured with one bedroom.

When apartments first hit the market for sale last year, one bedroom flats were priced from $350,000.

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Prominent North Melbourne Development Site Expected to Fetch $20 Million

ANOTHER development site has hit the market within the vicinity of the recently re-aligned Haymarket roundabout, where North Melbourne connects with Parkville and Carlton.

At 19 – 25 Flemington Road (highlighted, right), next door to a RMIT student village complex that was once the prestigious Apollo Old Melbourne Hotel, the 4000 square metre site is expected to fetch about $20 million and sell to  a developer likely to replace the existing c1964 showroom with a landmark apartment tower.

Built for Southern Motors, the asset is being sold by interests associated with that owner-occupier, after being leased to short-term tenants over recent years.

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Outgoing Pakenham Racecourse and Showgrounds Site Close to Sale For Circa $30 Million

SIXTEEN months after it first hit the market, the outgoing Pakenham Racecourse and Showgrounds site is believed to have found a buyer.

Well placed industry sources say the vendor, the Pakenham Racing Club, is set to pocket about $30 million from the sale of the 25.85 hectare property, which abuts the Pakenham train station, about 55 kilometres south-east of town.

The estimated sale price is far less than the reported $38 million developer The Corcoris Group agreed to pay for the site early last year, before withdrawing from the transaction in September.

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Australian Unity Sells Prahran Medical Centre For $18.7 Million

AFTER retaining it for five years, the Australian Unity Investments’ Healthcare Property Trust has sold an inner-city medical complex in a prime residential area to a syndicate of private investors.

The Victoria House Medical Centre and Victoria Clinic complexes at 314 – 324 Malvern Road in Prahran (pictured, right) sold for $18.7 million, reflecting a yield of 8.3 per cent based on the asset’s annual rental income of $1.55 million.

Australian Unity paid $17.53 million for the Residential 1 zoned asset in 2006, on a yield of 7.8 per cent.

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VicUrban Poised to Seize CSIRO Highett Site, Melbourne

THE state government’s development arm is poised to seize control of a highly-anticipated infill site within a south-eastern suburb that may soon have its own skyline.

Well placed industry sources say VicUrban is negotiating to acquire the CSIRO’s outgoing Land and Research Highett Laboratory some 16 kilometres south-east of town near the Southland Shopping Centre and an as-yet-undeveloped train station.

The CSIRO laboratory has been anticipated as a residential development site for years but particularly since 1996 when council rezoned land in Highett, and neighbouring Sandringham and Cheltenham from Industrial 1 to Business 3, and increased height limits to 14 metres to allow for the construction of commercial premises.

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