Boutique developer CostaFox has put its foot on a 1.2 hectare Geelong waterfront property previously owned by Catholic charity MacKillop Family Services.
Controlled by wealthy investors Robert Costa, Michael Fox and Geno Hubay, CostaFox signed an $11.3 million deal to buy Rippleside on “extended terms” from the family focused charity.
On Geelong’s waterfront and surrounded by parkland, the property is home to the old National Trust-registered Stella Maris Convent Mansion, formerly known as St Helens.
Built in 1848 it is one of the city’s earliest waterfront mansions.
The block also has a number of older residential buildings together with the MacKillop offices.
Mr Hubay, CostaFox’s development director, said the heritage mansion will be retained and repositioned as part of a planned prestige home and apartment development designed by Rothelowman Architects.
MacKillop Family Services will relocate its Rippleside operation to an alternative site in Geelong.
Surging population growth pushed Geelong’s capital values up about 20 per cent last year attracting the attention of developers.
Last year CostaFox offloaded a prime Footscray business park to listed data centre group NextDC in a $21.8 million deal.
The developer also recently constructed a Sydney waterfront condominium in Manly.