School buys Ascot Vale corner
A prominent Ascot Vale building last occupied by Autobahn and before that, Academic & General Bookstore, has sold for a speculated $5.4 million.
The buyer, Pax Institute of Education, intends to occupy after obtaining a 9B permit allowing it to be utilised for training.
At 363-379 Mount Alexander Road, on the north west corner of Moonee Street – the historic asset contains 1104 square metres of area and eight car parks.
On 1237 sqm, zoned Commercial 1, the site has major development upside – potentially to about five floors.
“Pax and other education groups are bracing for a large influx of international students….after almost a two year hiatus,” Stonebridge’s Max Warren, who marketed the building with Dylan Kilner, Julian White and Chao Zhang said.
“Approximately 130,000 international students remain outside Australia with future facilities like 363-379 Mount Alexander Road, Ascot Vale, perfect locations to accommodate the demand,” he added (story continues below).
Twenty groups inspected the vacant property.
Pax will settle in May.
The deal comes four months since Pace offloaded the ground floor retail component of a mixed-use building at nearby 327-357 Mt Alexander Rd for $19.15m; Stonebridge also brokered that sale.
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