The state government has sold a former Geelong school to a residential developer.
The ex-Corio South Primary School on 2.02 hectare at 38-56 Vermont Avenue, also with frontage to Delaware Street and Maryland Drive, has traded for $5.64 million – $1m over reserve.
Zoned General Residential 4, it is expected to make way for townhouses.
“The land market continues to outperform expectations right across Melbourne’s growth areas and Victoria’s major regional cities,” Savills’ Julian Heatherich, who marketed the Corio property with Benson Zhou and Nick Garoni said (story continues below).
Enquiry has increased significantly as the year draws to a close, he added.
“As many developers close out on current major projects, and with limited sites being offered to market throughout the pandemic, the quantity of enquiry and underbidders on development sites has increased significantly…with an increasing number looking to add to their pipelines in 2022,” according to the executive.
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