Time & Place doubles down in Northcote
Time & Place has settled on a major Northcote industrial investment with plans for a residential redevelopment.
The 1.78 hectare property, 217-223 Separation Street (Google Street View image, top), set it back c$29.3 million excluding GST.
Seller, Chip Eng Seng subsidiary CEL Australia, paid $27m excluding GST in 2015.
It and the neighbouring property – 235-239 Separation St, covering 9000 square metres – were for years before then owner-occupied by NCI Packaging.
That component sold to Canberra based Bulum for $13.4m – again, 10 years ago.
In 2023, the pair combined to list the amalgamation.
The guide was $60m.
T&P builds development pipeline
Chip Eng Seng was permitted to replace the holding with 315 dwellings – a mix of apartments and townhouses.
Time & Place plans to retain the Separation St property as an industrial investment for now.
Elsewhere in Northcote, in 2022, it won permission to replace a major strata-titled piece of Northcote Plaza, with a c$500m project with 600 dwellings, 15,000 sqm of offices and 6500 sqm of retail.
The developer paid Les Smith’s LAS Group $60m for the property – presently containing 18,000 sqm formerly part-occupied by Kmart, the year earlier.
The permit was issued by the Victorian Civil and Administrative Tribunal.
Chip Eng Seng sold 217-223 Separation St after an off-market campaign.
It was represented by MMJ’s Steve Messina, Nick Bourke and Joel Wald.
Also this week, we reported Time & Place secured the backing of NPACT, a real estate development vehicle established by James Packer, for a luxury project in Sydney’s Manly.
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