Reservoir’s Linh Son Temple finds buyer
Reservoir’s Linh Son Temple has sold to a neighbour.
The 2.43 hectare Industrial zoned property, 33-35 Radford Road, was quietly listed mid-year without a price guide.
Shortly after, it went under offer – sources speculating the value was about $10 million.
It is selling to butcher and developer Paul Cook, who two years ago paid the government $12m ex-GST for the 5.3ha ex-William Ruthven Secondary College at 21-29 Radford Rd.
The amalgamation is expected to be turned into a food processing plant.
Avion Properties Nick Cartledge marketed the temple with plans for an industrial development containing 48 factoryettes.
The Reservoir temple was supported by about 2000 Vietnamese Buddhist members (story continues below).
Reservoir monastery was part of a bigger portfolio
The monastery made headlines in 2018 when a benefactor stepped in to stop a lender selling it; the society’s leader, Master Dao, had been investing in residential and commercial real estate developments with high interest loans and owed creditors.
A 63-hectare site controlled by the religious group, 1587 Dohertys Road, Mt Cottrell, in Melbourne’s west, sold 10 months ago on behalf of lenders for $8m.
The Linh Son leader paid $5m for that plot in 2014.
The group also controlled a Melton South asset earmarked for the Lotus housing estate.
That parcel, 43-57 Alfred Road, is presently for sale, again via Mr Cartledge.
