Boutique apartment developer Piccolo has swooped on a former aged care home on 2.1 acres in the heart of Kew’s leafy Studley Park precinct.
The former Uniting AgeWell Carnsworth Community at 18 Barry Street, on the north east corner of A’Beckett, is speculated to be trading for $36 million – or some 30 per cent over (the c$28m) guide.
The Uniting Church was the vendor; it ceased operating there in 2019.
In with the new
With 146 beds in 50 rooms and 36 car parks, 18 Barry St was marketed to other aged care accommodation providers and investors.
However sitting on 8475 square metres, zoned General Residential 4, in one of Melbourne’s priciest precincts with a median guide of c$2.8m, those groups were always expected to compete against builders (story continues below).
Led by Michael and Mimma Piccolo, the incoming owner is set to develop a high density, mid-rise apartment complex; it is already seeking registrations on its website.
The acquisition comes two years since Piccolo snapped up an ex-Australia Post distribution centre and neighbouring properties in inner north Fitzroy for a luxury residential project also now seeking buyers – with entry level units asking $1.8m.
In neighbouring Carlton, meanwhile, Piccolo replaced the ex-Electrical Trades Union headquarters, at 516-520 Swanston St with a 17 level apartment building, while it built a four storey boutique housing complex, Garden House, at 85 Rathdowne St, opposite the Royal Exhibition Building.
Across town, its book includes Elwood House, which replaced an RSL on the corner of Ormond Road and Pine Avenue.
Mr Burgess said upon listing 18 Barry St that any redevelopment would capture view lines over Yarra Bend to the CBD, five kilometres away.
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