Pask Group is selling East Melbourne’s c1873 College House after winning approval to construct a 10 level apartment building behind it.
The Gold Coast developer can expect between $12-$13 million for the property, 250 Albert Street, which is in need of a full renovation.
It paid the Royal Australian and New Zealand College of Obstetricians and Gynaecologists $22m in January, 2020.
Nine months ago the builder was granted permission to fill the rear portion of the 1553 square metre block – completely separated from the home which is now for sale – with the tower, containing 23 dwellings.
Elsewhere in the area, Pask owns 204-206 Albert St, where a strata office project is planned.
Elevated and over two floors, College House could be configured with formal and informal lounge and dining areas on the ground floor, and four upstairs bedrooms (story continues below).
Alternatively, it could be utilised again as an office – or for some essential service, like education or childcare.
Four of the rooms, as well as the front garden, would overlook the Fitzroy Gardens across the road.
There are also five car parks.
Kay & Burton’s Oliver Booth with Jellis Craig’s Michael Armstrong are representing Pask.
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