Australian Ballet School buys $4.7 million Parkville mansion
The Australian Ballet School has spent $4.7 million on a Melbourne mansion. It was assisted by a one-off grant of $1 million from the Federal Government.
The Federal Arts Minister George Brandis has been photographed standing with Australian Ballet School representatives in a tweet outside the 'sold' sign in front of the Parkville mansion.
Source: Twitter
There was also a $1 million donation from a benefactor to assist in the purchase of the Queen Anne home set on 2,025 square metres at 262 The Avenue.
The six bedroom, two bathroom house was sold after it passed in at late May auction at $4.7 million through Ryan Currie and John Morello of Jellis Craig Kensington.
It was marketed initially with around $4 million price expectations.
Renovations will be required to turn it into a boarding residence, housing students enrolled at the Australian Ballet School which is based at Southbank.
Full-time students of The Australian Ballet School, aged between 13 and 18 years, come from all over Australia and a small number from overseas.
Some 80% of students come from outside Victoria; a further 5% of students are from outside metropolitan Melbourne.
Each year approximately 10% to 15% of offers to enter the school are declined often due to accommodation issues.
Close to 75% of the funds needed to complete the project are banked, with the school to now launch a further funding campaign chaired by Betty Amsden.
The residence will be ready for habitation in 12 to 18 months.
