The Knox School to Sell Prominent Phillip Island Boys Home, Latest in String of Schools Playing Property Developer

Developed as the St Paul’s Boys Home in 1928 and identified by a dramatic red brick chapel (permitted now to be configured as apartments), the corner site is opposite a tiny beach and has unobstructed 270-degree water views.

The residential conversion, speculated to be worth about $6.5 million, was approved by the Victorian Civil and Administrative Tribunal after initially being rejected by the Bass Coast Shire Council.

When approached for a comment about the planning application, Capital Gain was referred to city commercial agency, Fitzroys, which has been appointed to sell it.

Agent Peter Weatherby expects the site to attract developers or owner-occupiers. He refused to comment about a speculated price, but sources expect it could fetch about $4 million.

Knox cited higher than expected costs as the reason it didn’t develop a Newhaven campus.

Not far away, in Cape Woolamai, Melbourne’s prominent Grollo family is subdividing an eight hectare historic estate it has used as a holiday home since 1982.

Earlier this week the former Kangan TAFE campus in Richmond, 2.5 kilometres east of town and in a former industrial pocket known as Cremorne, hit the market with price expectations of about $7 million. Savills is the marketing agent.

Meanwhile in suburban Glen Waverley, Wesley College is advancing with plans to build a multi-level, 84-unit apartment complex on part of its campus.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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