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Melbourne Private College Snaps Up Key CBD Building For $50m

383-King-Street-Melbourne

 An office property on King street in Melbourne’s CBD has been purchased by private school Haileybury College, for reportedly more than $50 million.

The 383 King Street property currently contains a 10-level office building, which is reportedly to be transformed into a city campus for Haileybury College.

Colliers International, the agent for Haileybury College, confirmed the sale.

The sale comes at an unusual time for the property, as it was sold barely a year ago to Singapore-listed Aspial Corporation.

Aspial Corporation had plans to turn the office property into a mixed-use development after it purchased it for $41.5 million in January 2014.

A representative from CBRE, Mark Wizel, who listed the property for Aspial, said they were disappointed not to be able to pursue the development opportunity.

“[the building] had appreciated greatly in value and therefore [we] made the commercial decision to capitalise on a quick trading profit,” Mr Wizel said.

Aspial already has six properties of interest in Australia’s office sphere, including Australia’s tallest apartment tower in Southank on a property of purchase price $42.3 million in 2014.

The College already has campuses in Brighton East, Berwick and Keysborough in Australia, as well as in Wuqing, China, though none of these campuses are situated in a CBD.

Whilst a city campus for the private secondary school would be an unexpected move, there is increasing interest from overseas students, particularly as the Australian dollar ceases to be so high.

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Article originally posted at: https://https://theurbandeveloper.com/articles/melbourne-private-college-snaps-key-cbd-building-50m