Property Development

Development Victoria to sell-down former Keilor Park Primary School

Written by The ReReport
As seen in the Source link, written by realestatesource.com.au on 2019-05-17 06:56:47

Development Victoria has caved to community pressure
regarding the redevelopment of a former school in Keilor Park, about 17 kilometres
north-west of the CBD.

The state government development arm acquired the ex-Keilor Park Primary School from the Department of Education and Training in 2009.

A subsequent plan to build 72 townhouses on the 1.84 hectare
parcel at 46 Eliza Street drew opposition from more than 400 local residents and
an appeal by the Member for Niddrie, Ben Carroll to Minister for Major Projects,
Jacinta Allen.

The school, demolished after 2010, is bound by Collinson, Eliza, Erebus and Queensberry streets.

Development Victoria said it undertook a community
engagement process regarding the site mid-last year.

This week, it announced that it would sell-down the site
as 28 standard blocks.

Without knowing the size of each plot, or the infrastructure
investment required, it is difficult to ascertain the windfall coming to Development
Victoria.

The former Calder Rise Primary School in Keilor sold to an aged care provider for $8.2 million last week.

According to this research on website realestate.com.au, the median house price in Keilor Park is $770,000.

Assuming each block is valued at about $450,000 each, a sale campaign could return a total about $12.6 million.

Last week, we reported that the former Calder Rise Primary School, a two hectare block, was sold by the DET to a local aged care provider for $8.2 million.

Mr Carroll unsuccessfully lobbied for this site, 32A Green Gully Road, Keilor, to make way for a community project.

In 2013, Embracia Communities paid the DET $5 million for the former Milleara Primary School site in North Road, Avondale Heights – not far from Keilor Park.

This 1.85 hectare parcel has since made way for a 170-place aged care facility.