Administrators to Recover Just Half of Mowbray’s Debts From Campus Sales
ADMINSTRATORS for defunct western suburb private college Mowbray are likely to recover just half of the school’s $18 million debts from the sale of its three campuses alone.
In what is described as a complicated sale campaign in which value will depend on potential land usage and in particular if the sites can be rebuilt as residential projects – the three school campuses are speculated to be worth a total of about $9 million.
The largest school – the 17.75 hectare Patterson campus in Melton is expected to sell for about $6 million, according to sources. Two smaller campuses in Caroline Springs, including the 1.25 hectare Residential 1 zoned Town Centre Campus at 183-191 Caroline Springs Boulevard, and the 1.06 hectare Brookfield campus at 5 Stevenson Crescent are expected to each reap about $1.5 million.
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HAVING built a freeway to Caroline Springs to help ease newfound traffic congestion, the government has now rezoned a major tract of western suburb land to make more efficient use of the existing infrastructure.
THE FORMER “thoroughbred country” of Melton is a step closer to becoming part of metropolitan Melbourne, with the council formalising a major planning strategy affecting 2400 hectares of vacant land – effectively creating two new suburbs and allowing for the area’s population to more than double within 15 years.