Geelong Grammar has listed 22 Douglas St, Toorak, after a sale last year fell through.
Geelong Grammar is having a second go at offloading a dated five-bedroom pad next-door to its Toorak campus after an initial sale fell through.
The school has listed 22 Douglas St, Toorak, with a $6.9m-$7.2m price guide after owning it for just over a decade.
CoreLogic records show the property last sold in 2009 for $3.21m.
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The residence occupies a 832sq m block and is listed for $6.9m-$7.2m.
Abercromby’s director Jock Langley said he was unsure why the sale last year didn’t work out.
But he said a covenant over the block restricted development to just a single-storey residence.
But media reports last year note the property was sold by RT Edgar in July 2020 to a developer for $6.9m — the same month the school slashed fees and announced the financial impact caused by boarders no longer residing on campus.
Another property it owned at 20 Douglas St was also sold to the same developer for $3.4m.
Abercromby’s director Jock Langley, the property’s new listing agent, said he was unaware why the deal didn’t work out.
There’s room to add further value to the home through modern updates.
The site was previously used as staff accommodation but was now “superfluous” to the school’s needs, he said.
There was also a covenant over the 832sq m block, meaning the buyer was restricted to building just a single-storey residence.
“If you want to put your kids into GGS, it’s pretty handy, so the location is pretty good,” Mr Langley said.
Some refurbishments have already made, including the addition of a swanky freestanding bath.
“It’s been used for staff quarters in the past, so now it’s superfluous to their needs and they’re wanting to release it, and it’s a good opportunity for the next owner.”
Both the kitchen and the bathroom had been updated, but Mr Langley said there was room to add further value through other modern improvements.
It also has separate dining and sitting rooms as well as a living room warmed by an open fireplace.
The kitchen has also been given a makeover.
There’s a family rumpus zone, a sun room, and a study, while the revamped central bathroom has a stand-alone bath.
Mr Langley said the residence would suit families as well as downsizers due to its walkability to retail outlets, parks and public transport.
It also represented a prime opportunity for investors to snap it up and lease it out while waiting for the land value to increase over time.
Mr Langley said the residence represented a great opportunity for investors as a rental.
“Investors will look at it because it’s good land bank,” Mr Langley said.
“The exponential growth in land value (in Toorak) has been enormous.
“It grows about 5 per cent better than any other suburb in Victoria, so it’s a really good investment from that perspective.”
Geelong Grammar Toorak enrols children in its early learning program from the age of 3 and students up to Grade 6. It charges annual fees of up to $30,620 per student.
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Toffy teachers used to be put up at this classic Toorak cottage now a prime site for pushy parents.
The post Geelong Grammar Toorak relists Douglas St pad after initial sale to developer falls through appeared first on realestate.com.au.