The Collingwood home of alternative radio station Progressive Broadcasting Service – or PBS – will be auctioned next month.
The historic red-brick warehouse at 47 Easey Street (pictured, top and below) is expected to trade for about $7 million.
PBS signed a 20-year lease in 2001 but has no intention of renewing after committing to build and move to a space within the nearby Collingwood Arts Precinct.
It and another occupier are on leases which end at the same time – about November, 2021.
The asset contains about 1830 sqm of floor area, some of which is fitted out in a contemporary style, and returns annual rent of $94,835.
Previously occupied with other buildings in the street by a shoe manufacturer, and, separately, a wool store and chocolate maker, the warehouse is not heritage protected.
This puts the 1045 square metre Commercial 2 block on the radar of developers.
It is also being promoted to owner-occupiers and investors ahead of an auction on June 27.
The grungy inner north-east Melbourne suburb has seen a wave of sales, leases and development proposals, in recent years.
It has also seen significant construction, with many major residential towers now dotted beside low-rise warehouses, like 47 Easey Street.
Earlier this month we reported that Tim Gurner had secured hotelier Veriu to occupy 95 rooms within a 12-level apartment building proposed for 23-33 Johnston Street.
Mr Gurner is also planning to build 219 flats in numerous buildings as part of a mixed-use development also with retail and offices at 1-57 Wellington Street, a site he bought off-market in 2016.
Last month, Houston-based Hines announced plans to build a sustainable timber office at a 2120 square metre holding across the road – 36-52 Wellington Street – which it acquired from Manfax Hardware and Paint owner Robert Larsson for $28.5 million.
The Liberman family’s Impact Investment Group is also in this pocket, constructing a $120 million, 13-level, 15,000 sqm office, part pre-committed to AESOP, at 54 Wellington Street, on the north-east corner of Northumberland Street (initially proposed by Grocon, IIG acquired this asset mid-last year).
Another local developer, Pace, is building an office at 51 Langridge Street. Pace recently completed an apartment tower at 73-77 Wellington Street, a site it bought from charity Smith Family in 2014.
CBus is also investing in the area: its Holme development covering 61-71 Wellington Street and 37-39 Langridge Street is nearing completion.
Earlier this year, Chinese-Australian developer Zhang Weian paid a speculated $40 million for a 4287 sqm block at 128-144 Wellington Street, on the south-east corner of Gipps Street.
Formerly occupied by Glo-Weave shirtmakers, this parcel is now earmarked for an office and hotel.
An artistic development, the tallest mural in the southern hemisphere, was recently completed on the south wall of a public housing block at 240 Wellington Street, Collingwood.