Tim Gurner lists Clipsal’s ex-North Fitzroy HQ

The proposed North Fitzroy office.

Tim Gurner is selling a prominent North Fitzroy site permit-ready for an eight-storey office.

The site is permit-approved for an eight level building.

The 3223 square metre holding, 81-89 Queens Parade, was for decades owner-occupied by Clipsal which relocated to Notting Hill in 2013.

The complex is designed with a rooftop pool.

The redevelopment was proposed as a joint venture with the family that paid $15.455 million for the inner-city property in 2015.

Savills’ Clinton Baxter, Jesse Radisich and Benson Zhou are marketing it this time around; the guide is more than $18m.

The Cox Architecture designed Queens Pde building would contain 22,260 sqm of area including a ground floor supermarket and rooftop pool.

Its end-value has been speculated at c$90m.

“The upside potential of this site is profound, and we have already commenced fielding interest from major local and offshore developers keen to know more about this project,” Mr Baxter said.

“Further value is expected to be added to 81-89 Queens Pde and its surrounds once the widely-anticipated and adjacent 3.9 hectare Fitzroy ‘Gasworks’ project is completed,” he added.

The Gasworks proposal, a mixed-use village being master-planned by Development Victoria, will comprise housing, community facilities, education complexes and open space.

Opposite the former Clipsal property, Mr Gurner is planning three residential buildings, rising eight, nine and 10 storeys, at 26-56 Queens Pde (story continues below).

Suburban office demand strong: agent

“81-89 Queens Pde is arriving at a time and place that meets the strongest commercial office markets in decades,” Mr Baxter said.

“The fact that it also includes a permit for an impeccably conceived and designed project makes it very rare, and we expect extremely strong demand for this property”.

Mr Radisich added that “Fitzroy and Cremorne are the two most highly sought locations by both developers and occupants alike, and with this property providing a ready-to-start proposition, demand is likely to be extremely high.”

In the latter, a pocket of Richmond, a couple of recent deals have valued Commercial 2 zoned land at $13,000 per sqm, or higher – 102-106 Stephensons Street, and 94 Balmain St, amongst them.

Last week we reported Caydon planned to incorporate the landmark Victoria Bitter silos at 8 Gough Street, Cremorne, into a strata office development.

Not long earlier, that developer replaced a residential concept with a commercial one affecting the site next door, 10 Gough Street: a leasing campaign for a 12-storey workplace was recently launched.

Mr Zhou said “whilst there has been talk of reducing Chinese capital in our market, Savills has sold more than half of our last 20 properties to buyers of Chinese background”.

Tim Gurner at the Flatiron complex he recently developed in Brisbane.
The view from the proposed Queens Parade office.
The proposed 81-89 Queens Parade development will contain ground floor retail.

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Marc Pallisco

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