Church sells four building blocks
The Catholic Archdiocese of Melbourne has sold four metropolitan development sites.
The portfolio – residential land in Croydon, Doreen and Sunbury and a mixed-use plot at Derrimut – carried c$30 million price hopes when listed in October.
Stonebridge’s Julian White and Chao Zhang were the agents.
The deals come a fortnight after the not-for-profit spent c$12m on an East Melbourne office to occupy; JLL’s Josh Rutman sold that property.
Coincidentally, the three agents were CBRE colleagues until recently; two of them were directors.
The development sites
The church land was marketed for its potential to make way for aged care or townhouses.
The biggest site, 22-24 Murray Road, Croydon, spreads 2.75 hectares.
At the corner of Columbia and Webster avenues – all up offering 383 metres of street frontage – this block is elevated and contains dozens of trees.
It is in the immediate vicinity of Sacred Heart Primary School and Freedom Aveo Mingara (story continues below).
Croydon is about 28 kilometres east of the city; four months ago Menarock listed for sale, then withdrew, a $6m investment there.
At Derrimut, 17km west of town, the church has sold a 2.7ha parcel, 27A Palmer Parade.
Also promoted for its aged care and medium density residential development upside, it neighbours St Lawrence Primary School.
A third property – 85A Bassetts Rd, Doreen – spreads 2.1ha.
It has a wide street frontage too (295m) and is opposite St Paul The Apostle Catholic Primary School.
The suburb is 28km north east of the city.
The church’s smallest property at Sunbury’s 165 Mitchells Lane, is 8043 sqm.
It is rectangle shaped, running alongside Holy Trinity Catholic Primary School and has frontage to Light Horse Circuit where the Millett family’s Rosenthal housing estate is taking shape.
In 2019 aged care provider Mayfair Brighton paid $8.2m for a two hectare Keilor site.
