Developer buying historic Melbourne boot factory
One of the most under-utilised and arguably highest character properties in what has become Collingwood’s commercial epicentre is selling to developer Banco Group.
The red brick factory turned studio/showroom, developed by shoemaker William Peatt in 1895 at 64 Wellington Street, and an adjoining 13-bay car park, 14 Glasgow, is speculated to setting the group back about $5.3 million – a 3.4 per cent yield, reflecting its significant development upside.
Though heritage listed, the building’s airspace, as well as the car park, could be built on.
The asset neighbours a 15 storey office US-based just built on a 2120 square metre plot, now part occupied by Starbucks as its local headquarters, and an 11 floor office completed and sold in 2019 by Pace, on 510 sqm at the north east corner of Langridge St, part leased to Warner.
Twelve level structures are also in the pocket including Impact Investment Group’s 54 Wellington St, headquartered to Bank Australia, with smaller components leased to Launch Housing, Today Design and the Yoorook Justice Commission.
Stonebridge’s Max Warren, Dylan Kilner and Chao Zhang marketed 64 Wellington St.
This pocket of Collingwood is less than two kilometres from the city, serviced by trams at nearby Victoria Parade and Gertrude St.
Train stations Collingwood – actually in Abbotsford – and North Richmond are also walking distance.
Development upside, income
Returning $182,136 per annum from Redbox Studios – but on a lease expiring next year – the two storey Wellington St building contains 1774 sqm on land of 971 sqm.
This component also fronts Langridge St, where a red brick extension was added in 1906, still branded WM Peatt Boot Manufacturer and Importer (story continues below).
The Glasgow St site meanwhile – 365 sqm – is configured with 13 bays, some in a 190 sqm brick garage.
This parcel was marketed for its potential to be connected to a sub-basement, offering secure car parking.
A Heritage Victoria report said the property is an intact “handsomely proportioned and detailed” example of late nineteenth and early twentieth century former factory/warehouses.
“The rendered steeped and corniced parapet with a central female-head moulding and flanking consoles is a prominent element,” it added.
It also includes principal design characteristics of the time – specifically, formal front office accommodation, with the factory at the rear.
Banco is Carlton based.
Elsewhere in the inner city it is behind East Brunswick’s EBV and a residential based conversion of a Port Melbourne soap factory.
Owned by Mario Lo Giudice, the group has also recently completed a Coburg North business park – this month securing Brunetti to a tenancy for a unique store.
Subscribe to our newsletter at the bottom of this page.
