Elite Sydney school wards off developers with $14m purchase
Leading Sydney girls school Ascham has quietly snared a neighbouring property that was marketed as a development site in Darling Point in a transaction believed to be worth more than $14 million.
The school, founded in 1886, has been active buyer of surrounding properties, and is thought to have picked up the site at 45 Darling Point Rd after a recent expressions of interest campaign run by CBRE and Ray White Double Bay.
The property had been pitched as a potential site for luxury apartments but will now be turned over to educational uses.
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The Darling Point Rd property consists of a block of two apartments sitting on a 962sqm parcel, carrying medium density residential zoning with 13.5m height allowance.
The block of apartments at 45 Darling Point Rd in Darling Point, Sydney.
The property adjoining Ascham was marketed by Ben Stewart and Peter Krieg of CBRE and Daryl Rosen of Ray White but they declined to comment.
Ascham is a savvy purchaser and in 2011, on the school’s 125th anniversary, it bought neighbouring property Duntrim.
– with Lisa Allen
This article originally appeared on www.theaustralian.com.au/property.
