The recently vacated Barrett and Burston malting house in Burnley, overlooking Toorak, has been listed as a development site.
At 45 Gibdon Street, on the north east corner of Twickenham Crescent, the facility is expected to trade for about $15 million.
The vendor, a consortium once comprising late Geelong businessman Frank Costa, acquired it off-market three years ago.
Developed in c1893 as Terry’s Burnley Brewery, the property hasn’t been for public sale in a century.
Residential repurpose likely
On a 3568 square metre General Residential zoned block, 45 Gibdon St is identified in City of Yarra planning documents as a “strategic development site in a heritage overlay”.
It could be repurposed as offices or apartments, perhaps retaining a portion for retail or an essential service like gym or childcare centre (story continues below).
An occupier or investor may even consider restoring it back as a brewery with hospitality elements.
The property is a block east of the Rogerseller showroom which Salta acquired two years ago and is now the subject of an eight level office application.
It is also near a collection of warehouses at the south east corner of Burnley and Swan streets set to be replaced with a 13-storey tower – Australia Post’s next headquarters.
Last year, Bunnings announced it would consolidate six metropolitan workplaces to Growthpoint’s 570 Swan St – about 700 metres from the Barrett and Burston malthouse.
“Burnley is becoming increasingly popular with developers and individual buyers seeking to live and work in the area,” Real Properties’ Joe Catanese, who is marketing 45 Gibdon St with Colliers’ Peter Bremner, said.
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