Private school shelves junior campus plan, lists blue ribbon site
EXCLUSIVE
Korowa is selling a large blue ribbon Melbourne site after deciding against developing a junior school and childcare centre there.
The 3090 square metre amalgamation of homes covering 1755-1767 Malvern Road, Glen Iris, is expected to sell for more than $10 million, though the agents wouldn’t be drawn price.
The school picked them up in 2019.
Its redevelopment proposal – which would contain a 2463 sqm multi-level building (or 3071 sqm including the basement 74 bay car park), and cost c$12m to complete, would accommodate 254 children – 122 in the childcare centre.
Since winning permission via the Victorian Civil and Administrative Tribunal, the school has decided to adopt a single-campus policy (its main campus is on Ranfurlie Crescent nearby).
“As such, the Malvern Rd properties no longer align with our overall direction and strategy,” Principal, Frances Booth, added.
Stonebridge’s Andrew Milligan, Julian White and Chao Zhang are the agents.
Multiple uses for approved shell
Korowa is marketing the Glen Iris property with a residential scheme penned by Cera Stribley for a three-storey complex over basement car parking (story continues below).
Alternatively, a medical centre could be considered within the realms of the permit.
The childcare centre could also be expanded into the approved shell.
“The prominent development opportunity is across four separate titles and located in the recently announced ‘Glen Iris/Gardiner Activity Centre’, earmarked for greater housing density, enhancing the site’s development potential,” according to Mr Milligan.
“Positioned in one of Melbourne’s prestigious inner-southeast locations, the property enjoys close proximity to elite schools, tranquil parks, the Gardiners Creek walking tracks, and world-class retail destinations, including Chadstone Shopping Centre and High Street, Armadale,” he added.
“Glen Iris train station is just 170 metres away,” he said.
“Landholdings of this scale are rarely offered in such tightly held pockets like Glen Iris”.
Last week, German association, Club Tivoli, sold its long-time social base in Windsor for c$16m.
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