This article is from the Australian Property Journal archive
A MAJOR CBD gateway property overlooking Carlton Gardens is up for grabs, in a rare opportunity with a broad range of uses possible for the 1850s Victorian buildings in Fitzroy.
Located at the north eastern gateway of the Melbourne CBD, 38-44 Nicholson Street comprises two substantial interconnected three-storey buildings totalling 2,250sqm, which is currently fitted out as rooming house accommodation across 52 rooms.
Chris James, David Bourke and Ben Liu from Fitzroys are managing the expressions of interest campaign for the property on behalf of community housing provider, Unison.
“We’re expecting a range of buyers groups, given the site’s Commercial 1 zoning and enormous scope to repurpose for a range of alternate uses such as boutique accommodation, medical, office, education, repurposing for residences, specialist accommodation, and potential for redevelopment (STPA),” said Bourke.
“This is a once-in-a-lifetime opportunity to secure a landmark property and position opposite the Carlton Gardens and close to world-class lifestyle and hospitality amenity.”
The property sits within close proximity of many of Melbourne’s landmarks including The Royal Exhibition Building and Melbourne Museum.
It’s also placed within walking distance to the Melbourne’s Theatre and entertainment precinct, the city centre and its East End, Parliament train station and the as well as the retail and lifestyle precincts of Gertrude Street, Brunswick Street and Smith Street.
The property could be suited for medical and education uses due to its proximity to the area’s health and education precinct.
“Operators could also consider student accommodation as a potential use for the site, given its location near major universities and amenity, and the chronic shortage of student accommodation amid the ongoing return of international students and record number of new visas being issued,” added Bourke.
At the same time the site could be utilised as private residences amidst strong demand for and limited supply of housing in the city.
“Unison’s decision to sell marks the end of a Victorian Government-endorsed strategy following a 2016 review commission by Yarra Community Housing (now Unison Housing) of Unison-owned property,” said James.
“Under the strategy, rooming houses which were no longer fit for purpose, would be sold and the proceeds used to deliver modern self-contained housing for our residents. To date, Unison has delivered 216 new units with proceeds of the sales combined with other funding streams, with houses in Footscray, Fairfield, Heidelberg Heights and two locations in Werribee.”
The expressions of interest campaign for 38-44 Nicholson Street, Fitzroy is scheduled to close on 16 November 2023.
