Repurposed Brutalist library resells for $7.6m
EXCLUSIVE
A Brutalist-inspired former library has changed hands for $7.6 million two years since the council sold it for $4m.
The 1813 square metre property at 737 Pascoe Vale Road, Glenroy, has been repurposed as a medical centre, and fully re-let.
Designed by Harry Winbush and completed in 1970, becoming the first purpose-built library in what is now the Merri-bek municipality, it was contested by five suitors at auction in August, 2024.
Adelaide-based Briars Group, led by Nick Loan, won the keys.
The on-sale was brokered off-market.
CBRE’s Justin Kramersh was the agent.
Significant capital gain
The replacement library is now part of the $30m Glenroy Community Hub on Wheatsheaf Road – the repurposed former Glenroy Primary School site – also with a kindergarten, long day care, maternal and child health services, CoHealth, the Glenroy Neighbourhood Learning Centre, community meeting spaces and a community garden.
The Pascoe Vale Road one contained 1060 sqm – a portion, including the 45.7 metres street frontage – which is heritage protected.
It also includes 13 car parks (continues below).
Alternative uses during the 2024 were residential-based; the land is zoned Commercial 1.
The medical centre cost a speculated $3m to fit out.
Lumus Imaging and Healius Limited are the occupiers on leases with fixed rent rises between 3-3.5pc.
The weighted average lease expiry is 9.5 years.
The sale price values the land at about $4,200 per sqm.
Glenroy is about 12 kilometres north of Melbourne’s CBD.
Also today realestatesource.com.au is reporting Merri-bek Council will spend $2.6m upgrading the Fawkner Library, part of a brown-brick community hub, near C. B. Smith Reserve.
A new Coburg Library is mooted too – the winner of a design competition announced earlier this year.
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