Why private schools are expected to vie for Kew mansion Butleigh Wootton
Melbourne’s wealthiest private schools are expected to vie for the keys to a sprawling Kew mansion that has hit the market with price expectations of more than $10 million.
Xavier College, Trinity Grammar, Methodist Ladies’ College and Ruyton Girls School are all within a 200-metre radius of Butleigh Wootton, an historic estate that has served as the wedding reception venue for some of the city’s most affluent lovebirds in recent decades.
The 2836-square-metre landholding at 867 Glenferrie Road has been listed for sale by receivers BPR Reconstruction and Recovery.
It was bought in late 2016 for $11.3 million by Skyman International, whose director Maria Liapis is believed to have lived in the mansion with her family. The estate failed to sell last year when listed with a price tag close to $13 million. It is understood several offers were made but fell through or were rejected by the vendor.
The mansion is close to several top private schools. Photo: Supplied
Savills’ Clinton Baxter, Nick Peden and Jesse Radisich have now been appointed to sell the property via expressions of interest. They are anticipating multiple offers in excess of $10 million.
It comes hot on the heels of the record-breaking sale of Stonington Mansion at 336 Glenferrie Road in Malvern for $52.5 million, which is believed to have sold to an offshore buyer.
While the seven-bedroom residence at Butleigh Wootton is heritage-listed, other land on site – such as the 19 space car park – offers scope for development.
Mr Baxter said the huge estate would likely attract interest from hospitality operators, commercial occupiers, foreign consulates and offshore investors.
Private schools are also expected to throw their hat in the ring, given the property’s close proximity to Kew’s most prestigious colleges.
“There’s certainly scope for it to be incorporated into educational use,” Mr Baxter said. “There’s many examples of former mansions being converted and used as schools.”
The grand interior could be converted into a reception venue. Photo: Supplied
It is not uncommon for elite private schools to buy up nearby land, which can then be absorbed into school grounds.
“Typically they’re in leafy inner city locations and they’re finding that they’re being constrained by their landholdings,” Mr Baxter said.
Caulfield Grammar paid $12.6 million for two properties in East Malvern that were listed in a joint offering in late 2016. In Hawthorn, Scotch College has forked out tens of millions of dollars on property in neighbouring streets, many of which are privately leased.
The practice is seen as a way to future-proof against potential developments.
“With some of these large schools, it’s almost an arms race,” Mr Baxter said. “And they’re not short of cash.”
Expressions of interest in 867 Glenferrie Road close on March 21.
