Aesop’s outgoing Fitzroy HQ sells for c$7.9m
EXCLUSIVE
The outgoing Fitzroy headquarters of luxury skincare brand Aesop has traded for a speculated $7.85 million – valuing the land at about $9500 per square metre, amongst the highest in Melbourne’s fringe.
A double storey building will soon be razed for a speculated mixed-use project.
The address is opposite the former British Crown Hotel where Morry Schwartz is seeking to build an eight level headquarters for his publishing businesses (artist’s impression, right).
It is also near Pellicano’s 207-209 Victoria Pde, earmarked for a 13 floor commercial building, Fitzroy Tower.
Aesop will soon relocate it city base to three storeys of a nearby new office 54 Wellington St, Collingwood, at the north east corner of Northumberland St.
At that intersection’s south east, US based Hines is planning a 15-storey, wooden commercial building.
Result a testament to Melbourne’s resilience: agents
CBRE’s Rorey James, David Minty and JJ Heng marketed 25 Smith St but declined to comment about buyer, seller or price.
Of the campaign though, Mr James said “this sale is a true testament to the resilience of Melbourne’s property market and more locally Smith St which has emerged as one of the leading strip retail precincts largely underpinned by the on-going growth of development” (story continues below).
Mr Minty added “there was no shortage of interest for the property” which was touted off-market and “here are clear signs that COVID is not dampening buyer sentiment towards good quality real estate”.
“Melbourne’s city fringe suburbs continue to be the preferred markets to play in with limited development opportunities being offered in the CBD”.
More elevators coming to Fitzroy
Last month Outline Projects paid more than $11m for a mixed-use asset including the Copacabana restaurant, at 131-143 Smith St.
In March, we reported Daniel Besen invested c$9m on a spectacularly located 899 sqm plot at 1-9 Gertrude St, at the city end of Fitzroy, with views over Carlton Gardens and the Royal Exhibition Building.
Both double storey commercial structures are expected to be replaced with something at least five times taller.
In July, Chemist Warehouse executives spent about $12m on Kindness House which rises three levels on 1045 sqm at the north east corner of Brunswick and Victoria streets.
Pace Development Group has earmarked a 12-floor mixed use but predominantly residential project on a 2437 sqm near-island Fitzroy plot containing mostly single storey buildings, which cost $20m last year.
