Caulfield Grammar set to expand junior school after East Malvern purchase
Caulfield Grammar is understood to have outbid residential developers to secure an East Malvern’s redevelopment site.
The school reportedly paid $12.6 million for the 2230 square metre site opposite Central Park.
Its two vendors secured a windfall $5650 a square metre.
The two houses at 385-387 Wattletree Road, next to the historic Commonwealth Bank building, were put to market in a joint offering late last year.
They are around the corner from Caulfield Grammar’s junior school, the heritage-listed Valentine’s mansion on Willoby Avenue.
Colliers International negotiated the deal claiming the price reflected more than a 100 per cent uplift in the values they would have achieved compared with selling individually.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
