This article is from the Australian Property Journal archive
THE James Richardson Group has listed the historic Schweppes’ cordial factory in Abbotsford for the first time in 50 years, offering the largest mixed-use parcel in the suburb.
Located at 35-45 Lithgow Street, the two level 5,728sqm building was built by Jacob Schweppe in circa 1886 on a 3,098sqm site.
The Mixed Use zoned parcel comprises five titles with more than 75 metres of frontage to Lithgow Street and Little Lithgow Street at the Rear.
“James Richardson Group has been a proud custodian of 35-45 Lithgow St, Abbotsford through the group’s evolution over the past fifty years,” said James Aldred, general manager of property at James Richardson Group (JR/Group).
“The property is exceptionally well positioned for residential redevelopment and in recent years has become surplus to our requirements. We’re focused on new developments within our commercial, retail and industrial portfolio but enthusiastic to see a new owner realise the property’s full potential.”
Michael Taylor, Michael Ludski and Luke Bisset from Teska Carson, alongside Josh Rutman, Jesse Radisich and Tim Carr from JLL, have been appointed to sell the property via a local, national and international marketing campaign.
The property is anticipated to draw in a high level of interest from both residential apartment developers and occupier groups seeking “character filled” creative office space.
“The James Richardson building provides owner-occupiers, investors and developers with a unique opportunity to create something special in what has become one of Melbourne’s most favoured city-fringe precincts,” said Taylor.
Cera Stribley Architects have prepared a concept design for a residential redevelopment of the site retaining the original street wall and gabled slate roof enveloping the site.
The concept includes unobstructed views from new apartments toward Melbourne’s CBD, the Yarra River and Abbotsford Convent.
“As the home of the Schweppes cordial factory, and more recently the JR/Group, the building has enormous aesthetic appeal but it also generates interest on the development front at a time when undersupply of new high quality residential stock is driving growth in residential apartment revenues,” added Taylor.
“Abbotsford as a location is rapidly emerging as a prime city-fringe address.”
Taylor noted that options, subject to council approval, could include creative uses similar to other local character buildings like the Denton Hat Mills redevelopment of five and potentially seven levels, and/or subdivision for a variety of uses.
“The very successful reinvention of the Denton Hat Mills springs to mind as one use of an historically significant local building, while redevelopment in the form of an exciting new Melbourne destination and subdivision of the Mixed Use site would also present a number of options to developers,” added Taylor.
Rutman noted the huge potential development upside would garner significant interest from local, interstate and off-shore development groups looking to enter the Melbourne market.
“Melbourne has established a reputation right across the Asia-Pacific as a very safe place to deliver successful commercial property projects based on solid property fundamentals as well as its stable political and economic climate and its obvious residential drawing power as it proceeds to overtake Sydney as Australia’s most populated city,” added Rutman.
“There is no doubt the campaign is going to draw in local and interstate occupier, investment, and development groups, but we also expect a sizeable international contingent to be there at the business end.”
Last year, Abbotsford’s former Kodak building and Carlton & United Breweries headquarters sold for $19 million to Howzit My China Pty Ltd. with plans to utilise the property as a self-storage facility.
The expressions of interest campaign for 35-45 Lithgow Street, Abbotsford is set to close on 8 March, 2024.
