A development site with the potential to make way for one of the tallest buildings in trendy Brunswick East is for sale.
The low-rise warehouse at 298 Lygon Street is one property holding away from The Mason, an 11-storey residential and serviced apartment complex.The Mason is replacing former warehouse which sold in 2013. Zoned Commercial 1, and with rear laneway access, 298 Lygon Street also has the potential to make way for a hotel.
Being connected to the University of Melbourne Parkville campus and RMIT via a tram at the door, a student accommodation development is also a possibility, as is a standard residential project or office.
A mixed-use complex incorporating all of these uses could be considered.
Mr Latos said the property is located in an Activity Node within the Brunswick structure plan.
“Brunswick East is an eclectic mix of cultures, people and experiences,” Mr Latos. “The suburb has managed to successfully evolve from its industrial roots into a buzzing inner city destination”.
“It is conveniently located with good access to public transport, bike paths, walking paths, substantial and growing social services as well as open space and with plenty of scope for future development.”
Last week, local developer Cubo Group paid the Charalambous family $4.6 million for another Commercial 1 zoned block: 836-842 Sydney Road includes a historic former State Savings Bank from which the Charalambous’ have operated a hardware store for almost 60 years.
This retailer shut its doors for good six weeks ago allowing the block to sell for just over $3000 per square metre of land. More than 120 enquiries and six offers were received, according to the selling agency.
About five kilometres north of the Melbourne CBD, and between the Upfield train line, which runs through Brunswick, and the Mernda track, which passes Northcote and Thornbury, Brunswick East carries a median house price of $987,750, according to recent REA research published on realestate.com.au.
The average three bedroom apartment sells for close to the same price as a house ($815,000).
Two bedroom units are currently averaging about $580,000 – renting for about $500 per week.
Entry-level one bedroom flats sell for, on average, $390,000, according to REA, and are worth $390 per week in the market.
According to Domain Group Data, 56 per cent of Brunswick East’s population are renters.
Brunswick East developments
City of Moreland is currently reviewing applications for a Shisha Lounge at 699 Sydney Road, Brunswick.
A licensed tavern with the ability to accommodate 300 guests is also being assessed, affecting a nearby site at 81 Lygon Street, Brunswick East.
Brunswick East is accommodating one of metropolitan Melbourne’s largest master planned apartment communities – East Brunswick Village is taking shape on a three-hectare Nicholson Street site, occupied from the 1920s by Sidney Cooke Fasteners, but later occupied by Tontine Pillows.
Mario Lo Guidice’s Banco Group snapped up the warehouse a few years ago.
The Mason, at 304-310 Lygon Street Street, stands as one of the suburb’s tallest new buildings.
A block immediately south of 298 Lygon Street has been replaced with a six-level building (this replaced vacant land behind the historic East Brunswick Hotel, which still stands at the corner of Albert Street).
Another six-storey building, The Burgin Residence, is on the south-side of the East Brunswick Hotel.
– Original article from realestatesource.com.au by Marc Pallisco