Drapac sold the property after paying $23 million for the entire City Mazda site in 2005. After obtaining a permit to develop a 60,000 square metre campus style office building on the property, it sliced and diced the land into residential development sites, which it has since sold separately and for a healthy profit.
The zoning of the Shesh Gale site – which includes the 380 – 412 William Street building currently used by Mazda as a showroom – imposes no height restrictions. Any development would offer views over Flagstaff Gardens toward Docklands and Port Phillip Bay.
The school is expected to open after federal government reforms to higher education take place, the AFR reports.