Fitzroy North warehouse quietly sold, fast tracked for redevelopment
JMSN, led by Sam Jamieson, son of Harry the Hirer founder, Rick, with the Liberman family backed Monark Property Partners, has bought a Fitzroy North warehouse and won permission to replace it with a seven level apartment complex.
The 1083 square metre site, an amalgamation of warehouses at 301-317 Rae Street, at the south west corner of Alfred, diagonally adjacent to the North Fitzroy Arms Hotel, cost $7.15 million following an off-market deal settled May.
The buyers immediately lodged plans with the state government under the Great Design Fast Track pathway for a residential redevelopment.
Warren and Mahoney penned the project with 27 dwellings.
With an end value of c$22m, it was approved last week – three months after the formal submission.
The deal comes four and a half years since the Victorian Civil and Administrative Tribunal approved towers of five and seven levels for the suburb’s Piedimonte’s supermarket and seven small neighbouring sites.
North Fitzroy is about four kilometres north of Melbourne’s CBD (continues below).
JMSN doubles down in trendy north
Construction of the Rae St project is expected to start next year. Each apartment will carry an 8-star NatHERS Energy score.
Also with 41 car parks and 49 bike bays, the project would be the pair’s first joint venture.
In neighbouring Fitzroy, JMSN is replacing a 2072 sqm site at 227 Napier St with a four storey, 10-unit apartment complex.
Also in that suburb, we reported two weeks ago Buxton backed B&B Property Group with Pacasa acquired the outgoing Southern School for Natural Therapies, also the ex-Acme Shirts factory, and lodged plans for an eight level complex with 57 apartments.
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