The new owners of the prominent property – a development consortium including boutique builder Hamton and Macquarie Real Estate – are expected to lodge plans for a major residential building at the 81A Bell Street site by March.
Hamton joint managing director Paul Hameister says the new apartment building, which is likely to include more than 75 units, will set new standards in design and ecologically sustainable development principles.
The site, near the busy intersection of Sydney Road, was once owned by a development consortium that included property spruiker Henry Kaye.
Ownership of the school was almost transferred to the now defunct property group Westpoint in 2005. That deal was taken off the table after a fire ravaged the former school before a scheduled settlement. After the fire, the site was retained by its owners, and sold off-market to Hamton and Macquarie last February.
Last June, Moreland City Council awarded Melbourne-based development company Equiset rights to develop apartments, offices and shops over 12 hectares of council-owned-and-controlled land around Coburg train station and the former Coburg High School.
In total, more than $1 billion in investment is expected in the area over the next 10 years, resulting in more than 1500 apartments and 65,000 square metres of commercial space.
Coburg train station is expected to be moved underground as part of the redevelopment.