VincentCare Victoria banks c$8 million selling most of a North Melbourne development site

Artist’s impression of the townhouse complex VincentCare Victoria obtained a permit to build, prior to listing 68-72 Chapman Street for sale.

VincentCare Victoria has sold 87 per cent of a North Melbourne development site it listed for sale in September.

The not-for-profit homeless support services group was hoping to bank $11 million offloading what is two adjoining properties:

• low-rise apartment blocks known as Ozanam House and Bailly House, which spread over a 2664 square metre parcel at 68-72 Chapman Street; and
• two heritage protected red-brick terraces on an adjoining 398 sqm plot known as 74 and 74A Chapman Street.

Instead the vendor will pocket a speculated $8 million selling only the part which can be developed.

VincentCare Victoria offered this portion, 68-72 Chapman Street, with a planning permit for it to be replaced with 19 townhouses (artist’s impression above, left).

CBRE marketing agents Julian White, David Minty, Josh Rutman and Chao Zhang also targeted aged care and child care builders as part of the campaign.

EY represented VincentCare Victoria as transaction manager.

VincentCare Victoria’s new Homeless Resource Centre and Housing project is under construction at nearby 179-191 Flemington Road, North Melbourne.

Elsewhere in the suburb, VincentCare Victoria is building an 11-storey accommodation complex and resource centre for the homeless on a site at 179-191 Flemington Road, opposite the Royal Children’s Hospital (artist’s impression, right).

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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