The Catholic Church this week confirmed it will sell the St Macartans Primary School, on a prime block near the Shire Hall Beach and the Main Street shopping strip.
In a move that will surely cut its land tax bill, the church is building a new primary school on presumably cheaper land east of Nepean Highway, which it plans to occupy from 2009.
Knight Frank director Michael Hede is marketing the outgoing primary school for the church, but declined to speculate on prospective buyers.
He said he expects more than $10 million for the site, which is a testament to the growth in bayside values recently.
In 2004, Becton paid $10.5 million for the neighbouring convent site, almost identical in size but with direct beach access.
The developer’s retirement village arm recently purchased the former Beaumaris Hotel on a prime waterfront block of land, and the disused Tudor Court Reception Centre in Caulfield North. It is planning aged care accommodation for both sites – something sources speculate it could do in Mornington.