Not for profit to sell historic mansion
Melbourne City Mission has listed for sale a landmark mansion developed with the Salvation Army in 1934 on one of Brunswick’s biggest blocks.
Hartness House at 117-123 Albion Street – nowadays a 126-place childcare centre – could sell for close to eight figures assuming a sub six per cent yield.
The vendor recently completed a major renovation after last year securing Frolic Learning for 15 years (or with options, until 2060).
For decades prior to 2023, the distinctive 1443 square metre building surrounded by 28 car parks operated as the MCM Early Years Hub.
Investors, apartment developers
On a 3504 sqm site formerly operated by the Salvation Army, 123 Albion St, as it is known, also faces Austin Terrace and a laneway, giving it straightforward apartment development upside.
Construction of the existing improvement started in 1910 with an Edwardian.
The double storey red brick building was added with MCM’s input 91 years ago (story continues below).
That not for profit also branded it Hartness House, in 1958.
Prior to being a childcare centre, the property operated at different times as an orphanage and adoption agency, counselling centre and healthcare hub.
“Given the rarity of a corner landholding of this size within Brunswick, we expect this to be sought after not just by traditional passive childcare centre investors but longer-term land bankers and potentially value-add investor,” CBRE’s Sandro Peluso, who is representing MCM with Marcello Caspani-Muto, said.
“For a landbank in an area like Brunswick, a potential positively geared return is unheard of and despite the 15-year initial term we expect many groups will look beyond this, taking an even longer-term view,” he added.
This pocket of Brunswick is about seven kilometres north of Melbourne’s CBD.
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