Fitzroy gallery re-sold after five months to healthcare centre operator

The Fitzroy property at 11 Brunswick Street was offered permit-ready for a seven storey residential extension.

A medical centre operator has snapped up a historic Fitzroy gallery after a reported $5.1 million deal to a developer five months ago fell through.

CBRE Healthcare and Social Infrastructure said that when 11 Brunswick Street was re-listed off-market late last year, three suitors came forward – all from within the healthcare sector.

The March, 2020, sale price is understood to have exceeded that achieved last November.

Offered vacant, the heritage protected three level building contains 469 square metres of lettable area and sits on a 369 sqm parcel zoned Mixed Use.

The asset was expected to pique the interest of office investors, prestige home buyers and developers (it came with a permit for a seven level residential building).

To the north is St Vincent’s Hospital, which is constructing an 11-storey building as part of a $60 million capital works program.

Across the road to the east, Australian Catholic University completed a nine-storey vertical campus about eight years ago. The college is now developing a 13-floor campus with roof top sports facility at its Fitzroy site, due in 2022.

Medicos only in the final cut

Each suitor to came forward when 11 Brunswick Street was relaunched intended to re-purpose it as a medical centre – be it partly or in full.

The marketing agents were Josh Twelftree, David Minty, Jimmy Tat and Sandro Peluso.

“Given the 11-level redevelopment of St Vincent’s, the property offers strong incentive for ancillary usages,” Mr Twelftree said.

Vendors, Anthony and Beverly Knight, the owners of the 31-year old Alcaston Gallery, have occupied 11 Brunswick Street, on the Victorian Heritage Council’s database, for 20 years.

The site (centre, highlighted) is 450 metres from Melbourne CBD.
Inside the three-level terrace at c1903 11 Brunswick Street, Fitzroy.
The gallery includes a modernised kitchen.
A seven storey residential building is permitted for 11 Brunswick Street, Fitzroy’s backyard.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco