IIG offers Younghusband site

IIG had intended a co-working warehouse redevelopment.

Impact Investment Group is offering Kensington’s Younghusband site after five years.

The developer, backed by the Liberman family, paid EG $30.25 million for the 1.5 hectare amalgamation – 1-7 and 2-50 Elizabeth Street and 2-12 Barrett St.

It could double its money by selling, according to The Australian.

As well as a straight trade, the marketing campaign is alternatively seeking a joint venture partner.

Cushman & Wakefield’s Richard Butler and Leigh Melbourne are the agents.

Kensington is about four kilometres north west of the city (story continues below).

Younghusband site

The Younghusband site includes four historic warehouses, and peripheral buildings, all up with 29,168 square metres of area.

In 2018, IIG won permission to extend it – part of plans to create a $500m, c50,000 sqm village, the first stage which would have contained offices and co-working warehouse spaces.

“Given the changed environment, we believe an institutional [or] private sector investor with offshore financing is likely to be better placed to realise the vision,” IIG head of funds management, Real Estate, Darren Bursnahan, told the paper.

Subscribe to our newsletter at the bottom of this page.

Share or Recommend article

Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.