This article is from the Australian Property Journal archive
THE Uniting Church has netted $16.5 million from the sale of a former aged facility on a substantial landholding in Melbourne’s prestigious Brighton.
The local buyer plans to occupy the heritage-listed Tullavin mansion on the 453 New Street site, and subdivide the balance of the land into several lots to sell down.
“Throughout the campaign, there was considerable interest from traditional developers looking to develop townhouses and medium-density apartments together with those who investigated a residential subdivision of the overall site, taking advantage of its multiple street frontages,” said Jozef Dickinson of Colliers, who managed the sale with colleagues Ian Sanders and Justin Hazell.
“The well-maintained improvements on-site did set the scene for an excellent development or repurposing proposition for an incoming developer or occupier.
“The significant improvement on the site offered a lot a flexibility in the market, but ultimately, the highest and best use for this site was a residential redevelopment strategy.”
Brighton’s median house price is currently $3.195 million.
The suburb’s record house price was smashed at the end of last year by the $40 million-plus sale of beachfront residence Teychel on Moule Avenue. The property, which was listed in 2022 initially with expectations of up to $50 million, was billed as a renovation or rebuild opportunity.
