Real Estate Source - Former Wantirna Heights School sells to Oz Property Group

The former Wantirna Heights School, in Melbourne’s east, has sold for $9.71 million.

Victoria’s Department of Education listed the 1.25 hectare site at 56 Kingloch Parade, Wantirna, in April.

It was deemed surplus to the government’s needs after closing in 2013.

In 2015, the department demolished all the school buildings before pushing through a rezoning which would allow for it to be replaced with housing.

Colliers International offered the property with a Development Plan Overlay, allowing an incoming owner more density than the General Residential gazetting the block currently has within the City of Knox planning scheme.

As well as residential developers, agents Hamish Burgess, Jun Lai and Joe Kairouz targeted aged care accommodation providers.

Ironically, schools were also the agents’ radar.

It is understood to be selling to Richmond-based Oz Property Group, whose other projects include a Balaclava townhouse development and 21-level Flemington apartment building, Equinox.

Oz Property Group also builds hotels.

The Kingloch Parade deal is the largest for a General Residential Zone 1 property in Wantirna – pipping the $9.7 million watermark set in 2015 when a 1.01 hectare parcel at 321 Wantirna Road (pictured, right) exchanged.

Wantirna is about 23 kilometres from the Melbourne CBD.

Read the full article here.