The Loyal Orange Institution of Victoria – a society established in 1843 and composed of Protestants who support and defend the laws of that faith – is set for a $15-million-plus pay day.
Named in honour of King William III, Prince of Orange, the group is the second not-for-profit organisation to list an asset this month in the Box Hill area, about 14 kilometres east of the Melbourne CBD.
The 1.2 hectare parcel at 325 Station Street, Box Hill South, is configured with 43 single-storey residential buildings, a hall and office.
The holding is being targeted to residential builders following a campaign launched by ICR Property Group this month.
Agents Raff De Luise and Julian Materia say potential development uses include townhouses or independent living apartments.
“The existing residential dwellings can also be refurbished or re-purposed to an education, aged care or student housing,” the agents said.
Local and offshore investors and developers are expected to show an interest in the site zoned Neighbourhood Residential 5.
Earlier this month, the 50-year old St Paul’s Lutheran Church at 709-713 Station Street, Box Hill, hit the market with price expectations of about $20 million.
Zoned Residential Growth 3, and also being marketed to residential and commercial builders, this 2597 square metre parcel could make way for an 18-storey complex.
St Paul’s is in an area where high-density residential complexes have recently been built.
The church cited busy road traffic, and parking issues, as a reason for the listing. It plans to move to a new church in Box Hill South next year.