The University of Melbourne has sold its Hawthorn campus – also the location where Millionaire Hotseat applicants were tested – to developer Hamton which has earmarked a multi-building, high density residential complex.
On 1.62 hectares at 442 Auburn Road, on exclusive Scotch Hill, the property is speculated to be trading for c$50 million, but this couldn’t be confirmed.
It is earmarked for more than 300 dwellings in numerous six level structures.
Construction could begin in 2025, after the land is rezoned.
The end value should surpass $400m.
Hampton will amalgamate its development with a neighbouring site, spreading a hectare with frontage to Robinson Rd and Bills Street, where Homes Victoria will undertake a social housing project (story continues below).
The acquisition comes a year since the builder, directed by Paul Hameister and Matt Malseed, sold the ex-Cotham Private Hospital, in the nearby suburb of Kew, which it bought for a major residential complex, to a Centuria healthcare fund.
Hamton, with Hostplus and the Moonee Valley Racing Club, is also co-developing the Moonee Valley Racetrack, at Moonee Ponds, recently winning approval to construct the tallest tower yet, of 11 floors, on Thomas St.
The University of Melbourne paid $12.8m for 442 Auburn Rd, formerly occupied by the Hawthorn Institute of Education, in December, 2004.
In recent years, pieces of the 4000 sqm of improvements, including conference facilities, have been offered for lease.
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