Private school buys ex-piano factory with development permit
EXCLUSIVE
Singapore listed Optimus Holdings, until 2020 known as KLW Holdings, a diversified group also renown in Asia for manufacturing doors, has sold a warehouse converted office, in Melbourne’s inner north Carlton, held 11 years.
The vacant five level building – the ex-Allan & Co of Melbourne piano factory – at 23-31 Lincoln Square South, is trading for $19.7 million.
It paid $12.5m, later obtaining a permit for an extension, creating a 14 level student accommodation complex with c300 rooms.
The buyer is private independent co-ed Preshil School, also known as The Margaret Lyttle Memorial School, to occupy.
That group only last week settled on the sale of its Kew campus for $36.3m to neighbour Carey Baptist Grammar which will develop it to relocate a Donvale junior school by 2028 (Carey last year bought the balance of that campus from Preshill, for $17.6m, with a leaseback).
The deal comes five weeks since we reported the University of Melbourne bought the bulk of the abutting strata titled building, 33 Lincoln Square South (pictured, image, right, at the corner of Bouverie Street) for $17.8m.
Preshil buys 23-31 Lincoln Square South
On 906 square metres opposite Lincoln Square, 21-31 Lincoln Square South was until five years ago occupied Victoria University (continues below).
It contains 3745 sqm over five levels.
The permitted project would include c9184 sqm of floor area.
The transaction price was against a $16m valuation, from March.
“The property is a freehold, vacant…fully refurbished heritage building situated close to the Melbourne central business district and the University of Melbourne,” an Optimus announcement said.
The net carrying amount was $13.24m.
JLL’s Jesse Radisich, Jack Bergin and Josh Rutman were the agents.
The property was Optimus’ second in Melbourne after 301 Flinders Lane which cost $23.6m also in 2014.
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