VincentCare Victoria set for an $11 million payday from North Melbourne holding

The VincentCare Homeless Resource Centre and Housing Project is under construction at 179-191 Flemington Road, North Melbourne.

VincentCare Victoria could be set for an $11 million payday offloading a North Melbourne holding which will soon be surplus to its needs.

The not-for-profit group has listed its two-storey Bailly House and Ozanam House complex at 68-74A Chapman Street (pictured, top) with a permit for the land to be replaced with 19 townhouses.

However any incoming owner could propose replacing the 3062 square metre block, zoned General Residential, with a low-rise apartment complex, according to CBRE marketing agents David Minty, Josh Rutman, Julian White and Chao Zhang.

An aged care or child care complex are also development possibilities, the agents added.

About two kilometres north-west of the CBD, the holding includes two heritage listed homes which could be incorporated into a new development, or subdivided then sold off separately.

EY is acting as transaction adviser for VincentCare, which is developing an 11-storey complex providing housing for the homeless nearby, at 179-191 Flemington Road (artist impression, above left). The new facility, opposite the Royal Children’s Hospital, is due for completion early next year.

Marc Pallisco

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

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