Piccolo extends Fitzroy holding

Piccolo has added a warehouse and dwelling to its new Fitzroy holding.

Piccolo Developments has quietly snapped up two properties abutting a Fitzroy site it acquired from Australia Post last month.

The new assets – a dwelling and warehouse on Argyle Street – are costing a total of c$8 million following an off-market deal negotiated by Gross Waddell ICR’s Alex Ham and Michael Gross.

They increase the builder’s holding – incorporating 371-385 Gore St (pictured, top) for which it paid $14m – to about 2000 square metres.

An eight-storey apartment project with 50 dwellings is now mooted.

The amalgamation is opposite a 2434 sqm block which Pace Development Group acquired for c$20m two years ago with plans for a 12-level complex containing 113 units.

Near to this, Martin Strode’s SMA Projects in 2018 replaced the airspace of the c1910 Lyric Theatre with a mixed-use but predominantly residential tower, also of 12 floors.

Piccolo recently completed Fitzroy House, at nearby 71-75 Argyle St.

The suburb is less than a kilometre north of Parliament station (story continues below).

Elsewhere in Fitzroy

In June Roy Morgan director Gary Morgan paid $5.082m for a warehouse-converted bar at 87-89 Moor St, Fitzroy, for a family member to occupy.

Late last year, Daniel Besen applied to replace a Gertrude St property, near the Royal Exhibition Building, with a Snøhetta designed office.

Not long earlier Aesop’s former headquarters at 25 Smith St, in the suburb, traded to a developer for $7.9m.

Other recent major Fitzroy site sales include Kindness House, purchased by Chemist Warehouse directors for about $12m, and 207 Victoria Parade, which was picked up by Pellicano for c$11m for an office.

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Marc Pallisco

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