Stonington | Glenferrie Rd, Malvern | Sold 2008
Opportunistic | Medium-Density Residential
Stonington is a master-planned community of exclusive housing precincts positioned around the beautifully landscaped grounds of Malvern’s historic Stonington Mansion, which was once the state governor’s residence.
Acquired by Hamton in 2006 from Deakin University, the Mansion itself was sold to a private purchaser who restored it for use as a family residence. Planning approval was then obtained for the balance of the site to enable the development of premium quality apartments, medium density townhouses and mansion-style maisonette apartments. The site was then on-sold prior to commencing off-the-plan-sales to a Sydney-based developer in 2008.
Primary Capital Partner: ISPT
Architects: Rothe Lowman
Landscape Architect: Tract
Equity rate of return
“ISPT fund’s charter required it to be opportunistic, and the sale fitted within that mandate. It is an outstanding financial result for the joint venture. We have taken a very contentious and highly political three-hectare piece of dirt and de-risked it.” June 2008