This article is from the Australian Property Journal archive
ONE of Victoria’s oldest schools, Xavier College, has put a major 32,920 sqm development site in Melbourne’s affluent bayside suburb of Brighton on the market with expectations of up $130 million.
This is the first time Brighton’s well known Kostka Hall has hit the market in more than 70 years. In October 2020 rival school Haileybury considered making a play for the property, with offers around $100 million to $130 million.
Colliers’ John Marasco, Trent Hobart, Hamish Burgess and Yvonne Zhou have been appointed on behalf of Michael Jackson of JACX Property to sell 3.292ha landholding with major frontages to Hartley Street, South Road and New Street.
The agents said this once-in-a-generation development opportunity to attract wide-ranging and competitive interest from developers and institutions spanning the residential, commercial, education, healthcare, aged care and religious sectors with its high-profile location, substantial scale and favourable zoning.
“This is an unparalleled development opportunity. Brighton is one of Melbourne’s most prestigious, established and affluent suburbs and the beachside amenity, heritage streetscapes, access to transport and the village character of the local retail strips will further enhance the substantial appeal of the property,” Marasco said. “The underlying and enduring strength of Brighton is confirmed by its median house price being ranked in the top 1% of Melbourne’s suburbs every year since 1980.”
The property was formerly the Brighton campus of Xavier College. It includes various buildings used for education facilities and a heritage-noted building fronting Hartley Street, along with three tennis courts and two sports ovals.
“This is the largest site offered in Brighton in the 21st century and given the location, it represents one of the most prestigious and rare real estate prospects in Melbourne, if not Australia,” Hobart said. “It is an ideal opportunity for a developer to design an outcome that caters to the affluent owner occupier and retiree market who are drawn to this premium location. This bayside treasure will also be highly desired by a range of education, religious, healthcare and retirement institutions, among many others, given its location, outstanding current improvements and sporting facilities.”
Burgess said consistently high demand from well-resourced buyers in the Brighton market, coupled with limited availability and record low interest rates, would see a diverse array of groups compete in a landmark suburban land sale.
“Given the magnitude of the land in a premium inner Melbourne suburb this is truly an unrepeatable infill development opportunity of scale for the Australian market,” he said. “This opportunity for scale and the irreplaceable improvements across the site will attract interest from a broad range of groups eager for the opportunity to re-shape the Brighton area.”
