This article is from the Australian Property Journal archive
MELBOURNE City Council has approved the first stage of Impact Investment Group’s Younghusband former wool store site redevelopment in Kensington.
Kicking off the near-1.6 hectare inner north-west project will be the introduction 17,000 sqm of commercial space to the two heritage 19th-century red brick buildings, the upgrading of services, offices, shops, studios and suites, and the opening of new communal spaces, with IIG planning a carbon, water and waste-neutral site.
The existing buildings have around 30,000 sqm of net lettable area and are located within the City of Melbourne’s Arden-Macauley revitalisation plan and close to the Arden underground train station that forms part of the Melbourne Metro rail project.
Architectural firm Woods Bagot created the master plan for the site. IIG, backed by the Liberman family, purchased the Elizabeth Street site for $30.25 million at the end of 2016 from EG Funds Management.
The project will echo the group’s work on the Lonely Planet building in nearby Footscray, which it converted into a 7,000 sqm tech and co-working space that it called The Dream Factory.
As well as shared office space, the Younghusband will also offer shared logistics and warehousing space.IIG said leasing for stage one has now commenced and that it would “work towards retaining the diverse mix of existing tenants where possible”. The site is currently occupied by co-warehousing space group Kensington Collective.
“The stage one planning permit was achieved with unanimous, enthusiastic support from the Melbourne City Council and no appeals from the community or adjacent businesses,” IIG said in a statement.
It quoted Councillor Rohan Leppertas saying, “This is one of, if not the finest planning application, I have had to consider since I was elected five years ago.
“The amount of work dedicated by the applicant to repurpose this incredibly important heritage building is truly remarkable.”
IIG owns the art-deco 401 Collins Street building in Melbourne’s CBD that is home to major co-working space player WeWork.
Australian Property Journal
