Xavier College has listed its Kostka Hall junior campus, diagonally adjacent to the Brighton Beach Oval.
The Australian Jesuits, which has held the site for 85 years, can expect more than $120 million for the 3.3 hectare Neighbourhood Residential zoned South Road property.
The offering comes 18 months since it was speculated Haileybury was in discussions to acquire the site, also with frontage to Hartley and New streets, for between c$100m-$130m.
Xavier blamed low enrolment numbers for its decision to close the facility at the end of last year.
Sale proceeds will be tipped into improving the college’s 17 hectare Barkers Rd, Kew, campus, which includes a junior and senior school.
Prime development site: agents
Developers from the aged care, commercial, healthcare, and residential sectors are expected to look in as are other schools and religious groups.
The property includes three tennis courts, two sports ovals, as well as the c1867 Maritima mansion fronting Hartley St (story continues below).
“This is the largest site offered in Brighton in the 21st century and given the location, it represents one of the most prestigious and rare real estate prospects in Melbourne, if not Australia,” according to Mr Hobart.
“It is an ideal opportunity for a developer to design an outcome that caters to the affluent owner occupier and retiree market who are drawn to this premium location,” he said.
“This bayside treasure will also be highly desired by a range of education, religious, healthcare and retirement institutions, among many others, given its location, current improvements and sporting facilities,” the agent added.
The suburb’s median house value, according to REA Group, is $3.38m.
“Brighton is one of Melbourne’s most prestigious, established and affluent suburbs and the beachside amenity, heritage streetscapes, access to transport and the village character of the local retail strips will further enhance the substantial appeal of the property,” Mr Marasco said.
“The underlying and enduring strength of Brighton is confirmed by its median house price being ranked in the top one per cent of Melbourne’s suburbs every year since 1980”.
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