Alcaston Gallery owners Beverly and Anthony Knight have sold the historic Fitzroy Victorian where they have lived and worked for near-20 years.
The triple storey terrace at 11 Brunswick Street (pictured, top and below), with 469 square metres of area, traded for $5.1 million.
On a 369 sqm Mixed Use zoned plot, the rear of the distinctive building was permitted to make way for a seven-level extension.
The incoming owner, however, is not expected to build that endorsed project.
Next door to the 11 Brunswick Street, St Vincent’s Hospital is constructing an 11-level building as part of a refurbishment costing $60 million, which is set to deliver end-product worth $94 million.
Australian Catholic University is set to start building a seven storey complex in the pocket, too.
Alcaston Gallery was offered with upcoming vacant possession by CBRE Healthcare and Social Infrastructure’s Josh Twelftree, Sandro Peluso and Jimmy Tat with the agency’s Melbourne City Sales and Development Sites’ David Minty.
Next year, Mr and Ms Knight plan to relocate the business – perhaps back into the city, or to the neighbouring suburb of Collingwood.
Alcaston Gallery moved to Fitzroy in 2000 after some decade at Alcaston House, at 2 Collins Street, on the north west corner of Spring Street, in the city.
Alcaston House was one of two Melbourne CBD spaces occupied by the business in its early years.
A supporter of contemporary artists from Australia and elsewhere in the Asia Pacific region, the museum is renowned for its national and international exhibition schedule.
Ms Knight, nee Stephens, who was born in Moonee Ponds, was in 1993 elected to the board of the Essendon Football Club – becoming the first woman to hold that position at an Australian Football League club.
Also a former president of the Australian Commercial Galleries Association, the businesswoman developed a code of conduct to protect Aboriginal artists from exploitative dealers.
The Knight’s outgoing Fitzroy building is trading to a Melbourne investor, expected to retain the residence as an investment (ie, not proceed with constructing the permitted project).
City edge site with character, and permit, attracted multiple offers
The selling agents their campaign generated substantial interest and multiple offers, with developers and healthcare owner-occupiers leading the charge.
Mr Twelftree said several residential developers entertained the permit-ready site, too.
“Given the 11-level redevelopment of St Vincent’s, the property offers strong incentive for ancillary usages,” the agent said.
Mr Minty added that the seven-storey development approval behind the façade of 11 Brunswick Street was well received by buyers.