The Church’s site is opposite a proposed new school, Pakenham North West Primary School, part of a nearby housing estate. It’s believed the Church has bought another site in the area to build a school.
Sources estimate its outgoing Pakenham property could fetch about $10 million, and go in the direction of nearby sites, which are being redeveloped into bulky good stores. Land at the rear of the site lends itself to residential redevelopment.
Bourke Property’s Nick Bourke is marketing the site but declined to comment on the campaign when contacted by Capital Gain.