Developer secures Brunswick warehouses
Wulff Projects has snapped up a central Brunswick industrial site which has in recent years been the subject of a Commercial 1 rezoning.
On 2679 square metres at 160-164A Victoria Street, it cost $4.85 million.
Kratz Nominees, representing a family trust, was the vendor; the property was developed in the 1960s for a now closed textile business.
Five kilometres from the CBD, the holding abuts Dean Sunshine’s Rathdowne Fabrics showroom, the rear which is utilised for street art, and for four years until 2019 accommodated Makatron’s Kama Sutra Burger.
160-164A Victoria Street
About 100 metres from Lygon St, also the Brunswick East suburb border, the Wulff property comprises five warehouses, all up with 1921 sqm, around a central road.
Elsewhere in the inner north, the residential developer is behind Fitzroy North’s 249Q, at the top of Queens Parade.
It also completed two Clifton Hill apartment developments – at 210 Alexandra Pde and 122 Roseneath St.
Fitzroys’ Marco Sandrin, Brent Glassford and Mark Talbot marketed 160-164A Victoria St; their deal reflects a 1.95 per cent yield.
The site is presently part-zoned Neighbourhood Residential with the balance Industrial 3 (story continues below).
Growing catchment
The agents said several medium and high density developments on and around Lygon St have boosted the immediate trade catchment, enhancing its retail, particularly after-hours, with restaurants and bars.
“Brunswick continues to generate strong demand from investors and developers,” Mr Talbot said.
“Well located and well connected inner suburban locations close to quality lifestyle amenity have become overwhelmingly popular, particularly at a time of flexible working arrangements,” he added.
“The [Victoria St] property is just moments to the 1 and 6 tram routes and is also…750m from the Sydney Road lifestyle and hospitality strip,” according to the executives.
Elsewhere in the suburb, on Albert St, Milieu and Mirvac, in a partnership, and Stockland own former industrial properties earmarked for high density residential developments.
Last August, US based Hines acquired 10 Ballarat St for its maiden Australian Build to Rent project.
Molonglo Group and Aesop founder Dennis Paphitis decided against building there, however, in March listing the former Brunswick Market, with Sydney Rd frontage, two years after buying it for a mixed use project.
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