Latest news with #KaterinaKapobassis
News.com.au
4 days ago
- Business
- News.com.au
Melbourne University sells historic Parkville mansion Cumnock
A landmark Parkville mansion once home to the University of Melbourne's vice-chancellor has sold, with industry sources tipping the final price landed north of $7.9m. Known as Cumnock, the historic Italianate estate at 160-162 The Avenue was designed in 1889 by Windsor Hotel architect Charles Webb and occupies a 1376sq m corner block directly opposite Royal Park. The impressive residence was listed for sale last month, and late last week was marked as under offer. Myer family reveal new look for $100m estate A property industry figure told The Herald Sun there had been strong and qualified interest in the address, particularly for its proximity to the Melbourne CBD. University of Melbourne Chief Operating Officer Katerina Kapobassis confirmed the divestment was underway at the start of May and said the property had previously housed a Vice-Chancellor and was used 'regularly for official University functions and activities.' 'A property within the University of Melbourne's portfolio is in the process of being divested. The University has adhered to relevant legislative requirements regarding the sale,' she said. The university purchased the home for $7.1m in 2017, but had left it vacant in recent months after declaring it surplus to requirements. Industry sources have suggested it has attracted an offer within its advertised price range of $7.9-$8.69m. Its listing earlier this year came shortly after the institution publicly committed to repay $72m in staff underpayments dating back to 2014. Handled by Nelson Alexander Carlton North's Stephanie Hawke and Nicholas West, who declined to comment on the result or buyer. At the time of listing, Mr West described the home as Parkville's 'crown jewel,' citing its scale, architectural significance and rare parkland setting. 'Most Italianate mansions of this scale are tightly packed into inner suburbs like Carlton,' he said. 'But here you've got open parkland across the road, minimal surrounding density, and incredible privacy, that's almost unheard of.' Originally built for stock and station agent George Howat, Cumnock remained in his family until 1919 before it was acquired by Anglican theological institution Ridley College. It was held for decades before being sold to developer Drapac, who then sold it to the university. Behind its grand Corinthian-columned facade, the home features a pressed-metal entry hall, formal dining and sitting rooms, a library, and a state-of-the-art kitchen with Miele appliances and custom cabinetry. French doors open to a leafy courtyard with a fish pond centrepiece. Upstairs, a rumpus leads to a wraparound balcony and turret with sweeping park views. The main suite features a marble ensuite, with three further bedrooms sharing a designer bathroom with a freestanding bath. The four-bedroom mansion includes eleven principal rooms, nine original fireplaces, a turreted viewing tower and wine cellar, and has long been considered one of Parkville's grandest private residences.
Sydney Morning Herald
14-05-2025
- Business
- Sydney Morning Herald
Melbourne Uni lists $8 million Parkville mansion for sale
The University of Melbourne is selling a four-bedroom Parkville mansion once used by a previous vice chancellor, after the Group of Eight institution recorded $273 million in revenue growth in 2024. The double-storey home opposite Royal Park was listed with a price guide of $7.9 million to $8.69 million this month. The university bought the property for $7.1 million in 2017. Chief operating officer Katerina Kapobassis confirmed the university was in the process of divesting part of its portfolio but did not give a reason. The home, which includes nine fireplaces, a turreted viewing tower and a wine cellar, was reportedly designed by famed architect Charles Webb, who designed Wesley College, The Alfred hospital and South Melbourne Town Hall. Profits from the Parkville sale will contribute to the university's enviable financial position, which includes $12 billion in total assets, financial documents tabled in Victorian parliament on Tuesday revealed. The university reported a surplus that was $117 million higher than the previous year, driven by 7.4 per cent growth in student numbers, including 11.7 per cent growth in overseas students, and additional research grants. It also received $58 million from the sale of a campus in Hawthorn, which was listed in the 2024 annual report as a donation. While reporting a healthy operating income of $3.1 billion, an increase of 9.4 per cent compared with 2023, the university recorded an operating deficit of $99 million for the 2024 calendar year.
The Age
14-05-2025
- Business
- The Age
Melbourne Uni lists $8 million Parkville mansion for sale
The University of Melbourne is selling a four-bedroom Parkville mansion once used by a previous vice chancellor, after the Group of Eight institution recorded $273 million in revenue growth in 2024. The double-storey home opposite Royal Park was listed with a price guide of $7.9 million to $8.69 million this month. The university bought the property for $7.1 million in 2017. Chief operating officer Katerina Kapobassis confirmed the university was in the process of divesting part of its portfolio but did not give a reason. The home, which includes nine fireplaces, a turreted viewing tower and a wine cellar, was reportedly designed by famed architect Charles Webb, who designed Wesley College, The Alfred hospital and South Melbourne Town Hall. Profits from the Parkville sale will contribute to the university's enviable financial position, which includes $12 billion in total assets, financial documents tabled in Victorian parliament on Tuesday revealed. The university reported a surplus that was $117 million higher than the previous year, driven by 7.4 per cent growth in student numbers, including 11.7 per cent growth in overseas students, and additional research grants. It also received $58 million from the sale of a campus in Hawthorn, which was listed in the 2024 annual report as a donation. While reporting a healthy operating income of $3.1 billion, an increase of 9.4 per cent compared with 2023, the university recorded an operating deficit of $99 million for the 2024 calendar year.
