Morry Schwartz lists Collingwood pub with apartment permit
Morry Schwartz is selling a prominent Collingwood pub after failing to win approval to replace the airspace with an eight level office headquarters.
The c1859 British Crown at 14-18 Smith Street – on the Fitzroy border – is expected to sell for about $5 million.
With a 1am liquor license, able to accommodate 450 people, the two level 469 square metre building is being marketed to hospitality investors.
On 555 sqm zoned Commercial 1 at the north east corner of Mason St, developers are also expected to look in; Mr Schwartz won approval for an eight level residential complex.
The listing comes eight months since the executive outlaid $16m for a vacant 12 level Queen Street office, in town.
Development upside
Mr Schwartz paid $5.665m for the British Crown six years ago.
The proposed office would have accommodated his various businesses (story continues below).
Cushman & Wakefield’s Daniel Wolman, Anthony Kirwan and Raphael Favas are the agents.
The property is opposite the ex-Aesop headquarters (25 Smith St, Collingwood), which Urban is replacing with an eight level apartment complex.
It is also near a Cambridge St, Collingwood, block, Carpe Group, led by ex-Lendlease development director Tim Campbell, recently acquired permit-ready for a 10 storey building.
Also just investing in the pocket are Buxton Group and Valli which outlaid about $10m for a warehouse at 430-434 Brunswick St, Fitzroy, expected to yield a c10 floor building.
Th British Crown is about three kilometres north east of Melbourne’s CBD.
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