Not for profit lists piece of Melbourne school
A former piece of Coburg North’s Mercy College has been listed by the Sisters of Mercy.
At 742-748 Sydney Road, the 1646 square metre property, with a functional 18 room building, is expected to sell for about $2.5 million.
Zoned General Residential, walking distance to Batman station and the mixed-use Pentridge prison redevelopment, the land could accommodate a townhouse or low rise apartment complex.
The holding has rear access to Carr Street.
Alternatively, it could be replaced with an essential services product, like childcare complex or medical centre.
A house of worship may be considered too.
Gray Johnson director Rory White, who is marketing the asset with Matt Hoath, said any incoming owner might also utilise or repurpose an existing improvement, developed in the 1990s, with 12 bedrooms, six bathrooms, four sitting rooms, an office and carport.
The agents declined to comment on the buyer, which also operates Mercy College.
The listing comes two years since the Sisters of Mercy sold a 14.8 hectare hilltop estate – believed to be inner Brisbane’s largest privately held land parcel – at Bardon, held for six decades, to White Energy managing director Brian Flannery for $14.5m (story continues below).
742-748 Sydney Road
The Coburg North property is being offered by the Institute Property Trust, which supports and sustains the Sisters of Mercy in Australia and New Guinea.
“Coburg has to date been a bridesmaid suburb to its neighbours Brunswick and Thornbury, but the increasing median price of townhouse and residential real estate has confirmed its appeal,” Mr White said.
“The Pentridge urban infill redevelopment nearby has also aided the demand for freehold property in the suburb,” he added.
“There are also major retail occupiers nearby including Officeworks, Bunnings and a rage of café destinations along Sydney Rd” according to the agent.
The asset is near the ex-Australian Defence Apparel factory, at 14-22 Gaffney St, Coburg North, which Ryman acquired last year for $48.2m with plans for a $350m independent living and aged care complex.
Coburg North is nine kilometres north of Melbourne’s CBD.
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