Victorian State Government Reaps $16 Million From Education Sites

AS TEACHERS and the cashed-up education unions bully for more pay, the cash-strapped Baillieu government has been forced to sell two prime assets including the landmark former Kangan TAFE in Gwynne Street Richmond, expected to one day make way for a  $200-million plus mixed use village.

In a busy week for school sales and listings, the state has reaped $9.25 million for the 7637 square metre inner-east site which will cease operating as a Kangan next March.

The Business 1 zoned property (aerial pic, right) is heralded as the largest commercial development site to sell in Melbourne this year measured by value – but it’s estimated the property could have been worth more than $20 million should it have sold with a more flexible zoning allowing for residential redevelopment.

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