Two iconic Abbotsford buildings for sale targeting developers

The former Weston Biscuit factory, now a modern office, and a neighbouring car park (both outlined), are also for sale.

Carlton & United Breweries may be watching with interest what becomes of two sale campaigns launched last week for iconic properties near its enormous Abbotsford plant.

At 11-17 South Audley Street, the Carlton Brewhouse (pictured, top) is being offered two years after selling to a local developer for $6.5 million.

The distinctive part-bluestone brick building, with three street frontages, is leased to CUB until the end of next year.

It is expected to attract interest from developers which might consider replacing the 2291 square metre land holding with a larger commercial complex.

Vinci Carbone directors Frank Vinci and Joseph Carbone are also targeting investors and owner-occupiers which could utilise the existing 1035 sqm building.

Meanwhile, Melbourne property players Lascorp and Herzog Group are also seeking to sell adjoining properties they co-own in the pocket, which is about two kilometres east of the CBD, on the banks of the Yarra River.

The former Weston Biscuit factory, now refitted as an office and rented to Honeywell and Australia Post, along with a neighbouring car park site, are expected to yield the vendors a total of about $35 million, according to sources.

CBRE’s Mark Wizel, Josh Rutman, Julian White, and Lewis Tong are promoting the future redevelopment potential of the properties at 45 and 50 Grosvenor Street once the occupiers vacate (Australia Post has the longest tenancy, set to end in 2028).

Combined the Grosvenor Street sites, zoned Industrial 1, spread across 9466 sqm of land. The office provides 8145 sqm of lettable area.

“The asset offers massive potential development upside down the track but passive investors will also be attracted to a property which offers a very secure investment and benefits from a recent partial upgrade to a modern online and delivery facility in a very well located suburb,” Mr Rutman said.

Given the underlying land value and gentrification of Abbotsford, agents have for more than a decade speculated that the enormous CUB plant in the area could be listed for sale.

Nearby, office buildings, including one coincidentally once occupied by Honeywell, have made way for taller towers, configured with apartments and shops.

Earlier this year CUB sold an office in Southbank for $95 million to the state government which is expected to replace it with a cultural-related complex, possibly a gallery.

In Sydney, in 2007, CUB sold a 5.8 hectare inner-city site near the Central Station for $208 million to Australand, which is now known as Frasers Property Australia.

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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