New school for Ferntree Gully after community site breaks price record
A huge property featuring a community services centre has raised Ferntree Gully’s price benchmark by more than $3 million in a pre-auction deal.
An independent school paid a record $6.4 million for the development block at 977-987 Burwood Highway.
The sprawling 1.69ha site on three titles sold 24 hours before its October 26 auction.
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It smashed the vendor’s $5.4-$5.94 million price hopes and will be retained as a school site although it offered residential development options.
“It was a great price and sold to Heritage College who will use it as a school,” Ray White Ferntree Gully director Ben Thomas says.
“It is a record price in the area for such a property.”
Thomas notes there was “nothing similar like this on the market”.
The large site had also been scheduled to go to auction on October 12 but this was postponed to accommodate an interested buyer.
The vendors currently use the site to run Knoxbrooke Community Centre, which offers services for adults with a disability.
The centre is due to close in November and offered potential to build up to 15 townhouses.
The prime location packaged with the facilities on site was attractive to developers and also operators of aged-care and childcare facilities.
The site was listed but unsold with another agency for four months earlier this year and had an asking price around $7 million.
The top sale for a similar block in Ferntree Gully was $2.937 million for 811 Burwood Highway, an aged-care complex on 1.06ha.
In 2013, a 1.33ha development site at 95 Blackwood Park fetched $2.85 million.
The property is also a former school site and has two street frontages and features educational and administration buildings, off-street parking and landscaped gardens.
It has a sought-after position within walking distance to shops and public transport and with easy access to schools and shopping centres.
This article from Leader Newspapers originally appeared as “Heritage College buys Ferntree Gully site, smashes benchmark”.