Catholic Church earns c$19m from townhouse sites
The Catholic Archdiocese of Melbourne has sold three residential development sites abutting schools.
In Carrum Downs, the not-for-profit is speculated to be banking just over $9 million for a 1.8 hectare block, 42 and 44-50 Hall Road.
The property was offered permit-ready for 59 townhouses.
It backs onto St Joachim’s Catholic Primary School, walking distance to Carrum Downs Shopping Centre.
At nearby Lynbrook, a 6500 sqm block (pictured, top) at 122S Paterson Drive – actually on the south west corner of Aylmer Rd and Henning Ave – is understood to be trading for c$4.6m.
Abutting St Francis De Sales Primary School, it was marketed for its potential to make way for a townhouse, childcare, medical or small aged care complex.
Near to the Lynbrook train station, the site is about 36 kilometres south east of Melbourne.
In Point Cook, south west of town, the church has sold 80 Carrick Drive – at the south west corner of Haze Dve and Hiddick Rd – for a speculated $5.5m (story continues below).
Zoned General Residential, the 8200 sqm parcel neighbours St Mary of The Cross Primary School.
Like the Lynbrook block, it wasn’t offered with a permit but would be appropriate for townhouses.
LAWD’s Peter Sagar, Paul Callanan and Darcy Tobin marketed the properties.
Charter Keck Cramer was the vendor’s advisor.
In February, the church sold a portfolio of four metropolitan development sites – at Croydon, Derrimut, Doreen and Sunbury – which carried c$30m price hopes.
Not long earlier the group paid a speculated $13.3m for the outgoing Bionics Institute building at 384-388 Albert St, East Melbourne, opposite St Patrick’s Cathedral.
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