School sells former HQ
The River Nile School, which offers the VCE, VM and VPC to refugee and asylum seeker women who have experienced disrupted schooling, new to Australia or needing a more flexible learning environment, has sold its former North Melbourne headquarters for 19.2 per cent over reserve.
The two storey, 180 square metre building at 13-15 Cobden Street, on the south west corner of Princess, about 100 metres from Queen Victoria Market, soared at auction last week to $2.321 million
The last three competing bidders were Sydney investors, selling agents, Stonebridge’s Dylan Kilner, Jacob Biviano and Shawn Lou, said.
River Nile, established in 2006 as the River Nile Learning Centre, paid $2.05m three and a half years ago.
The school relocated to a larger office at Capel St, in the suburb.
13-15 Cobden Street
The result for 13-15 Cobden St values the Capital City 1 zoned land at $23,894 per sqm – a North Melbourne record, according to the agents.
It also prices the building area at $12,894 per sqm (story continues below).
“We feel this is an extremely positive sign for the broader Melbourne city fringe market with all bidders commenting that the Sydney market is hypercompetitive, and they see Melbourne heading the same way in the coming months,” Mr Kilner said.
“Selling the proximity to the Melbourne CBD and Queen Victoria Market via quality marketing materials allowed us to overcome buyer’s hesitation about the property having no onsite car spaces,” he added.
In neighbouring West Melbourne, earlier this year, the husband and wife behind Southern Cross Education Institute, Azeezur and Zhefi (Faye) Rahaman, outlaid $2.8m for a 377 sqm King Street building for the business to occupy.
The pair had not long earlier sold a Chetwynd St office used as a campus to the Melbourne Archdiocese Catholic Church to expand Simonds College.
Haileybury College also holds a property portfolio in the area – including its multi-level campus on King St, and a warehouse converted office on Dudley St, once the headquarters of Mushroom and Reebok, acquired in late 2019.
Subscribe to our newsletter at the bottom of this page.
