Sources speculate a Brunswick East complex could rival the nearby Victoria Gardens shopping centre in terms of scale. Like that Richmond complex however, any Nicholson Street based shopping centre development would significantly increase traffic levels around the already congested inner northern suburbs.
CB Richard Ellis agents Paul O’Connell and Alex Zent marketed the Nicholson Street site.
Elsewhere in Brunswick, Planning Minister Justin Madden recently approved a $100-million plus apartment-based replacement of the suburb’s historic Tip Top Bakery.
The Nicholson Street currently occupied by Italian newspaper Il Globo also sold to developers for about $20 million, and is expected to be replaced with at least two towers, with an end value of about $150 million.