King David School sells land boomer's Armadale House
The King David School has sold its land holding in Armadale.
With more than 6000 square metres, it was hoped it would fetch as much as $15 million.
But it fell short with the campus, that includes the historic Armadale House mansion, selling for $14.5 million.
The 1.5 acre property located at 117 Kooyong Road and 21-23 Munro Street has been home to the school since the 1970s.
The marketing campaign was conducted by CBRE overseen by the property consultancy Charter Keck Cramer.
King David School president Mark Harrison said the proceeds would be used to fund construction and refurbishment at the school’s two campusus in nearby Dandenong Road and Orrong Road, Armadale.
Interest had been expected by aged care and medical operators, residential developers, educational institutions and private home buyers.
Thee is a two-year leaseback on the current premises.
Armadale House was built in 1876 for James Munro, the land boomer who was the 15th Premier of Victoria from 1890 to 1892.
It is a two storey brick and stucco Italianate trophy home with a cast iron balcony verandah designed by architect W.H. Ellerker.
Munro named his mansion Armadale House after the fishing village in the north of Sutherland, Scotland where his family migrated from. The suburb takes its named from the house.
Munro, the son of the Prahran pound keeper, started his career as the owner of a small grocery business in nearby Prahran.
It was said when he first lived in Armadale, he was the owner of 72 acres which were free of encumbrance.
In his days of wealth, the teetotaller donated the land for the Armadale Bowling Green on the express condition that no intoxicating liquor should be served in the club room.
The larger of the two sites on the Kooyong Road battle-axe measures 4,300 square metres and includes Armadale House. The smaller site, on Munro Street, measures 1,728 square metres.
Armadale House last sold for $290,000 in 1977.
The Melbourne Bible Institute owned the property in the 1950s.