Brunswick Industries Association, a not-for-profit which has been providing employment for people with a disability since the 1960s, is selling its inner north Melbourne base.
The 1996 square metre site, 3-7 Syme Street, Brunwick, is expected to trade for more than $4.5 million but this couldn’t be confirmed.
With a building area of about 1650 sqm the property is being offered with a leaseback or a long settlement. Developers and investors, as well as other owner occupiers, are expected to show an interest.
The listing comes a month after the trendy suburb’s rundown Brunswick Market at 655-661 Sydney Road sold for $17m to AESOP co-founder Dennis Paphitis and ACT builder Molonglo Group as a development play.
Busy Brunswick pocket where residential is replacing industrial
Five kilometres from the city between Dawson and Albert streets, the BIA building is in a pocket of Brunswick which has seen industrial properties replaced with medium density residential over the years.
Local developer 94 Feet is responsible for one of the first – since the mid-2000s replacing part of the century old Hoffmans Brickworks abutting Giplin Park with a mix of apartments and townhouses.
In January, Stockland paid $15m for a timber yard and adjoining dwellings covering a 4010 sqm plot between 429-435 Albert Street – also near 3-7 Syme Street.
The Sydney-based developer later announced it would build townhouses and 150 apartments on the block which overlooks Gilpin Park to its south and abuts Clifton Park at its north.
A month earlier Mirvac paid a speculated $25m for a factory on a 7063 sqm parcel at 397-401 Albert Street – metres from its rival’s site.
Mirvac is teaming with Millieu Property, the owner of the neighbouring warehouse, 395-403 Albert Street, proposing a build-to-rent apartment project there.
The Albert Street parcels form part of a 1.7 hectare zone which council only recently gazetted as part of its Amendment C161 to allow for the construction of c10 level buildings.
The area is about two kilometres from Moonee Valley Racecourse, which is undergoing a $2 billion redevelopment comprising apartments and townhouses, Princes Park, Royal Park and Melbourne Zoo.