Prime Mt Eliza beachfront estate sells to developer for $17m
A prized beachfront site in Mt Eliza has finally sold after more than a year on the market.
Beachleigh Estate at 33 Jacksons Rd sold for $17 million to Melbourne developer Hengyi, which has plans for a “special, high-end product”.
The sale of the elevated 3.41ha block opposite Canadian Bay Beach has just settled after being inked earlier this year.
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The property, in a general residential zone with 198m Jacksons Rd frontage and 200m foreshore frontage, was on the market for 382 days.
Set on two titles, ‘Beachleigh’ was a private estate in the late 1800s and was turned into a hospital in 1930 to treat children with polio.
It later became an aged-care facility and was more recently used for administrative purposes. Peninsula Health and Victoria’s Department of Health and Human Services first listed the property in 2017 for sale by tender but it failed to find a buyer.
CBRE then took over the listing in late 2018 with a listing price of $15 million, CoreLogic records show.
While on the market last year, a potential buyer applied for a demolition permit which saw the local council step in and obtain interim heritage controls.
The property has more than 200m of foreshore frontage.
The administration building, one hospital ward and a chapel were then given heritage overlay protection.
CBRE says the sale price represents a land rate of more than $495 per square metre.
“This was an exceptional result for the vendor and purchaser which reflected the incomparable attributes of one of the most sought-after and prestigious bayside localities,” listing agent Mark Wizel says.
The campaign even attracted interest from international developers, with seven expressions of interest despite challenges around future uses, he adds.
“We are aware of the unique aspect of the location and its heritage status and want to make sure that our development is sensitive and respectful of its surroundings and the environment,” Hengyi general manager Simon Manley says.
“We don’t have a set idea at the moment but are excited about delivering a very special, high-end product to the local community.”
The property is close to several properties also sold by CBRE, including Moondah Estate, which sold for $37.5 million to Ryman Healthcare, and Morningstar Estate which sold for more than $36 million.
