Victorian government sells $90 million-plus portfolio as part of Inclusionary Housing Pilot

The Andrews government has almost disposed of a property portfolio worth more than $90 million, following an expressions of interest campaign which closed in September.

The six development sites – five in metropolitan Melbourne and one in Wodonga, near the New South Wales border – are all under offer, though details of the incoming owners have not yet been documented.

Savills agents Julian Heatherich, Mark Stafford and Jesse Radisich declined to comment when contacted, as did a spokesperson for the vendor, the Department of Environment, Land, Water and Planning.

The sites were listed as part of the government’s Inclusionary Housing Pilot – which seeks the private sector to build affordable housing alongside private housing, on surplus public land.

Five of the sites were once schools.

The most valuable property, the former Boronia Heights College at 40 Mount View Road, Boronia (pictured, top), was expected to sell for more than $35 million.

All sites, including this one in Footscray. are earmarked for residential redevelopment as part of the Inclusionary Housing Pilot.

It spreads 8.2 hectares zoned, is Neighbourhood Residential 1, and would be appropriate for a medium-density townhouse project.

Closer to town, a site in Parkville near the high-profile Evo apartment building, was speculated to be worth about $25 million last year. The 1.15 hectare site at 87-103 Manningham Street is zoned Residential Growth 1, and could also make way for an apartment building.

Other properties within the portfolio which are also under offer are:

Last week, we reported the Department of Treasury & Finance listed the former Calder Rise Primary School, in Keilor – a site mooted to be worth more than $8 million.

The former Calder RIse Primary School in Keilor was listed for sale last week.

Across town, the Department of Education and Training is selling the Wantirna Heights Primary School at 56 Kingloch Parade, which closed in 2013. The 1.25 hectare block carries a price guide of more than $10.5 million.

Marc Pallisco

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

error: Content is protected !!