A heritage investment neighbouring St Vincent’s hospital has successfully transacted for $5,100,000 to a local developer in Melbourne’s city fringe.
The property located at 11 Brunswick Street, Fitzroy, borders St Vincent’s Hospital – which is set to undergo a $60 million redevelopment – and was transacted by CBRE’s Healthcare & Social Infrastructure and City Sales & Development Sites teams.
CBRE’s Josh Twelftree, David Minty, Jimmy Tat, Sandro Peluso and Dylan Kilner steered the competitive Expressions of Interest campaign, which garnered substantial interest and multiple offers from both developers and healthcare owner-occupiers.
Mr Twelftree commented; “11 Brunswick Street attracted significant interest from a range of buyer profiles, however, most notable were owner-occupiers in the healthcare sector and residential developers.”
“Given the 11-level redevelopment of St Vincent’s, the property offers strong incentive for ancillary usages,” Mr Twelftree said.
Mr Minty added that the property was one of the most attractive in the CBD, featuring a standout heritage façade.
“Given the flexibility of the seven-level Development Approval behind the façade, the opportunity resonated with a variety of end users,” Mr Minty said.
Being offered with vacant possession, the site is currently occupied by Alcaston Gallery – one of Melbourne’s leading contemporary art galleries.
Established in 1989, the Gallery features a national and international exhibition schedule and represents contemporary artists from Australia and the Asia Pacific Region.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
