Oliver Hume is flipping a historic West Melbourne warehouse permit-ready for a residential conversion.
The fund and real estate services group paid $18 million for 164-184 Roden Street (pictured, top) in 2015. For 26 years prior the building, at the north-east corner of Adderley Street, and also with frontage to Hawke Street, was occupied by spare parts business Don Kyatt Automotive Services.
Covering 3642 square metres of land, the site includes a three-level warehouse containing 8013 sqm of area.
It is permitted to be extended to seven levels and contain 157 apartments (pictured left and bottom right). An etching branding the occupant of the warehouse historically, ironmonger Briscoe & Company Ltd, is proposed as part of the residential redevelopment.
CBRE’s Julian White, Mark Wizel and Lewis Tong, with Gorman Commercial’s Jonathon McCormack and Andrew Prowse are representing Oliver Hume, managing an expressions of interest campaign closing on November 29.
The property is not being marketed with a price guide however industry sources speculate it is worth in excess of $20 million.
Mr White said the proposed apartments would offer excellent view lines in all directions given the site’s elevated position surrounded by predominantly single and two storey Victorian terraces.
“The quality of the proposed project, which was designed by Rothelowman Architecture, coupled with the appeal of the heritage façade will drive developer interest in the sale campaign,” Mr White said.
“These attributes and the site’s location will ensure that the apartments are well positioned for the owner-occupier market, given that most of the new developments in West Melbourne are surrounded by older industrial buildings and do not have the benefit of the view that this project will provide”.
Major developers including the Deague family, Spec Property, Trenerry Property, Tim Gurner, Vicland Property Group, Lechte Corp and Crema have developed, or are building apartments, in West Melbourne.
In August, we reported that Sydney-based fund manager IOOF outbid residential developers to snare a low-rise office at 115 Batman Street, West Melbourne, for more than $22 million.