Administrators to Recover Just Half of Mowbray’s Debts From Campus Sales
ADMINSTRATORS for defunct western suburb private college Mowbray are likely to recover just half of the school’s $18 million debts from the sale of its three campuses alone.
In what is described as a complicated sale campaign in which value will depend on potential land usage and in particular if the sites can be rebuilt as residential projects – the three school campuses are speculated to be worth a total of about $9 million.
The largest school – the 17.75 hectare Patterson campus in Melton is expected to sell for about $6 million, according to sources. Two smaller campuses in Caroline Springs, including the 1.25 hectare Residential 1 zoned Town Centre Campus at 183-191 Caroline Springs Boulevard, and the 1.06 hectare Brookfield campus at 5 Stevenson Crescent are expected to each reap about $1.5 million.
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THE cash-strapped Baillieu government is some $5.5 million richer after selling a prominent Parkville property to developers.
PLANS are afoot to develop another major skyscraper on a Southbank site abutting the West Gate Freeway.
ANOTHER property in Lisson Grove, one of Hawthorn’s most revered tree-lined streets, may be replaced with a medium density, luxury apartment village.
A SOUTH Yarra development site within the Forrest Hill precinct that is quickly becoming a high-rise apartment compound, has sold for $5.5 million to a consortium of off-shore and local investors.
ANOTHER development site has hit the market within the vicinity of the recently re-aligned Haymarket roundabout, where North Melbourne connects with Parkville and Carlton.
SIXTEEN months after it first hit the market, the outgoing Pakenham Racecourse and Showgrounds site is believed to have found a buyer.
AFTER retaining it for five years, the Australian Unity Investments’ Healthcare Property Trust has sold an inner-city medical complex in a prime residential area to a syndicate of private investors.
THE state government’s development arm is poised to seize control of a highly-anticipated infill site within a south-eastern suburb that may soon have its own skyline.
SYDNEY based shopping centre giant Westfield has sold an open-air car park abutting the Doncaster shopping centre’s north-east boundary.
SOME of Melbourne’s most popular hospitality venues – and a major western suburb development site – form part of an $80 million portfolio of properties set to hit the market next month.
THE Police Association has snaffled a reported $2 million from the sale of a 46.5 hectare block of land abutting the outer north-eastern township of Coldstream.
A PROMINENT Docklands development site has hit the market after years of frustration from real estate agents, who claim never to have been given the opportunity to offer the site to their clients.
GOVERNMENT owned goods and services provider Australia Post is offloading its most prized Melbourne asset – the former Australia Post Mail Centre on the south-west corner of Spencer and La Trobe streets.
HONG Kong based developer Far East Consortium is selling a controversial development site, so that it can concentrate on another one.
CBUS Property, a subsidiary of industry superannuation fund CBUS, has seized control of one of bayside Melbourne’s most controversial development sites – the disused North Brighton Croquet Club, in Warleigh Grove.
AFTER failing to sell for more than a year, a massive Williamstown development site with a catch will be auctioned next month.
BECTON Property Group has finally offloaded the prominent Beaumaris Pavilion hotel and adjoining car park, in Melbourne’s south.
ST KILDA properties that previously accommodated two of the area’s most established local businesses have sold to a developer.
MACQUARIE Capital Investors has been appointed to sell a 50 acre Burwood asset, in Melbourne, acquired by cinema group Reading in the mid 1990s.
ANOTHER Kew motel with redevelopment potential has hit the market.
MIRVAC is believed to have made about $13 million from the sale of a 4.4 hectare Port Melbourne development site, once owned by General Motors Holden.
THE inner-city’s next major hotel looks likely to be developed at a West Melbourne site near the suburb border of the CBD, and Docklands.
ANOTHER prominent Northcote commercial property is set to be redeveloped, most likely into a mixed use village with shops and apartment towers.
DEVELOPER Hudson Conway is speculated to be paying about $22 million for a prominent St Kilda Road development site opposite Wesley College, capable of accommodating several high rise apartment towers.
ST Kilda’s historic Post Office building, at the corner of St Kilda Road and Inkerman Street, has sold to an Asian developer for $4.75 million.