St Michael’s outbid several investors and developers for the prominent theatre, on a prime 1840 square metre parcel of land on the corner of Chapel Street and Dandenong Road in St Kilda. The prestigious private school’s Junior and Senior campuses are in the streets surrounding The Astor.
Gross Waddell director Michael Gross sold the property at auction, in front of an audience of more than 100 spectators.
He told realestatesource the college has no plans to redevelop the site into apartments, which is sure to bring a sigh of relief to historians and anti-development activist groups.
The Astor has dodged a date with a wrecking ball before. According to historical records, developers have wanted to replace the grand old theatre with a bowling alley, or library.