Sir Reginald Ansett’s grazing property to fetch $40m

The last parcel of Sir Reginald Ansett’s former estate, a 22-hectare beachfront grazing property in Melbourne’s bayside Mount Eliza, has been put on the market with expectations around $40 million.
Nanjing Night Net

Equity Trustees, which manages the R.M. Ansett Trust, will offload the large block of vacant land to free up funds for the trust, which donates to charities that run child-focused programs and scholarships.

Sir Reginald was best known for founding Ansett Airlines, which collapsed in 2001.

The land between Kunyung Road and Port Phillip Bay is next door to the 8.9-hectare former home of University of Melbourne’s Melbourne Business School.

The university sold the Business School, which features a historic waterfront mansion, to New Zealand’s Ryman Healthcare last year for nearly $40 million.

It was originally established as a country estate called Moondah by James Grice in 1888. Ryman plans to convert its grand 42-room mansion and numerous outbuildings into an aged care facility.

The trust’s 22.3-hectare block sits between Moondah and Sir Reginald’s original residence, an 11.7-hectare estate called Gunyong Valley, which the trust sold in 2006.

Gunyong was purchased by retirement village operator Charles “Chas” Jacobson for $14.5 million to turn into a holiday compound for his family.

A small portion of the trust’s land has direct access to Moondah beach, which adjoins Sunnyside Beach, a popular bathing site for nudists.

The area is covered by a green wedge zone that severely limits future development. It stretches across four titles between the coast, Kunyung Road and Albatross Avenue about 45 kilometres from Melbourne.

“Through this process we plan to release the value in the land and invest it back into the community,” Equity Trustees managing director Mick O’Brien said.

“The land is currently vacant and has been historically used for grazing.”

The expression-of-interest sale will be handled by professional services firm EY.

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