Describing it as "the best of the sites in the Coburg Initiative", which is a council plan to rejevenate key sites in the inner-northern subrubs, Hampton managing director Paul Hameister says the school will be developed into a "predominantly residential" project. Commercial office space is expected to be built on Bell Street.
The site was offloaded by George Tandos and Steve Angelodemou, who bought the land with disgraced property spruiker Henry Kaye. A planned sale to the now liquidated Westpoint Property Group fell through. Part of the building was burned about two years ago, which is said to have collapsed that deal.
In late 2006, Hampton Property Group paid Deakin University about $30 million for its Toorak campus, which included the Stonington Mansion. It sold the mansion to art dealer Rod Menzies last year for a price speculated to be $18 million, but kept a substantial part of the land for redevelopment. Hampton is now building townhouses and apartments on that site.