Victoria’s Department of Treasury and Finance is offering another site, this time in Keilor, in Melbourne’s north-west.
The former Calder Rise Primary School, covering two hectares, is expected to sell to a residential developer for more than $8 million, sources speculate.
The site has aspect over the neighbouring King Solomon Reserve.
Non-residential developers, including from within the aged care sector, are also prospective suitors.
In 2017, an investor sold a 1.9 hectare site at 7B Copernicus Way, Keilor Downs, for $11 million, after obtaining a permit allowing for the construction of 99 townhouses, many rising three storeys.
This vacant tract abutting the Keilor Central Shopping Centre was bought from Vicinity Centres 18 months earlier for $6.5 million.
Keilor Downs is about two kilometres further west of the city than Keilor.
In 2017, Melbourne Acquisitions sold the former Kealba Secondary College on 6.1 hectares, at 27 Driscolls Road, for $24.165 million.
Late last year the department sold a former primary school site in Reservoir, about 13 kilometres north of the city, for $12 million, to an industrial owner occupier.
Last June, the government arm paid $23 million for a South Melbourne site at 142 Dorcas Street which is earmarked to become a new police station.
-Original Article from RealestateSource.com.au By Marc Pallisco.