Retail and hospitality operators have the chance to secure a role in one of Australia’s most remarkable urban renewal projects, the Younghusband Woolstore precinct in Melbourne’s inner suburb of Kensington.
Fitzroys is marketing the retail and hospitality spaces within the historic 17,182 sqm red-brick four-level warehouse for lease on behalf of Impact Investment Group (IIG).
The four-year project will bring a creative village to the growing suburb, which has industrial roots and is undergoing a major transformation as part of the Arden-Macaulay growth precinct.
Stage one will include retail, hospitality and creative office and logistics space throughout the warehouse. As well as the striking character façade, IIG intends to retain that of the interior as a nod to the history of the site and its role in the historic area.
Fitzroys Leasing Director, Rick Berry said the project is looking to take on tenants that would operate in a manner that reflected the site’s industrial heritage.
“We’re looking for vertically integrated tenants that will showcase the creation chain of their goods, as well as selling or serving the final product on-site. For instance, a fashion boutique would be able to use the warehouse and production space on the ground floor for creating their items.
“For hospitality operators, we would be looking for a café that will have their roastery on site, and a microbrewery, or gin bar with its own distillery.”
Some of the larger hospitality sites will typically operate as bars and restaurants, with the opportunity to be utilised as community spaces and for functions.
In a further nod to the heritage of the site, a hospitality and function space will look directly over the rail yards from the third level, and a rooftop space will offer views of the industrial precincts in the surrounds.
Retail spaces on offer range from 29sqm to 360sqm, and food and beverage spaces from 24sqm to 770sqm.
The warehouse represents stage one of the project, which will also include a new eight- level building to the south, looking towards the CBD, and stage three the development of separate site at 1 Elizabeth Street.
Stage one will also include co-working and shared logistics spaces. Tenants can work and collaborate surrounded by internal and external greenery, and the town square provides a focal point to gather, and the communal spaces throughout will host community activations and pop-up events.
“The concept of the village is central to the design direction,” IIG Development Manager, James Fitzgerald said.
“Communal open space is at the heart of the master plan. The town square is a place to meet others that are part of the community, and is a space where both planned and informal events can occur.”
The project is positioned within the Arden Macaulay area that the City of Melbourne has earmarked as a key development precinct. It will be home to the new North Melbourne train station, part of the $11 billion Melbourne Metro rail project, as well as commercial developments, a new civic centre and parklands that will serve a population projected to grow by more than 10,000 by 2051.
The site is also close to the existing Kensington station and, and the character-rich suburb is benefiting from the move west of young professionals and creatives from Melbourne’s saturated inner-north.
IIG intends for the Younghusband project to be Victoria’s first carbon and water-neutral adaptive reuse precinct.
“Laneways will branch off and connect the uses over the site, creating room for movement and introducing light into places that had none,” Fitzgerald said.
“Younghusband will become a fully functioning sustainable village, with an activated laneway, communal greened areas and high quality workspaces.”
IIG has just completed its revitalisation of the 11-storey 401 Collins Street building in the Melbourne CBD for major co-working space player WeWork.
Australian owned & operated hose, fittings & clamps wholesalers Powell Industries have leased a 1,839sqm facility at 55-57 Gaine Road, Dandenong for approx. $158,000 pa net. Andrew Loudon from Crabtrees Real Estate secured the deal at the full asking rate of $85psm on a 3x3 lease.
“Located in the hub of the Dandenong Industrial precinct along with the side yard and location to the Monash freeway made this an attractive building for the guys to move from their current site to upgrade to a larger building,” Mr Loudon said.
The warehouse also included 204sqm of modern office space, container height rollers doors and ample onsite parking.