Neometro buys back into Fitzroy
Neometro has snapped up a prominent Fitzroy warehouse with plans for a luxury apartment project.
At 450 Gore Street, on the north east corner of Leicester, the 907 square metre Mixed Use zoned site is costing $9.3055 million.
There were multiple underbidders, according to Fitzroys’ Chris James who with colleague Chris Kombi listed the property in June with an $8m-plus guide.
Performance Property’s Phillip Almeida was the transaction manager.
450 Gore Street
The vendors acquired 450 Gore St, with a 780 sqm single storey warehouse, for $340,000 in 1984.
Before that, the property was owner occupied by the British United Shoe Machinery.
It is presently tenanted to Vanbar Imaging, which prior to the sales campaign, indicated its preference to stay; it pays just over $120,000 in annual rent.
To its east, the Neometro site is opposite the United & Co warehouse (423-425 Smith St), which Kahlong Group is replacing with a nine storey apartment project.
Next to that, Chapter Group is seeking to extend the prominent Kathmandu store at 411-421 Smith St, also with a nine level residential development.
Familiar territory
Elsewhere in Fitzroy, Neometro between 2011-2016 completed high density residential projects at 9 and 231 Smith St and 377 George.
However it will be competing with several more rival, prestige developers, this cycle.
Ten months ago, Beulah outlaid $12.2m for a 1190 sqm commercial property in the suburb – 430-434 George St – also for a residential complex (story continues below).
Not long earlier, Piccolo acquired a Fitzroy site in two parts – the first spreading 1192 sqm at 371-385 Gore St, from Australia Post, for $14.27m.
It later purchased a c800m adjoining block for c$8m.
A nine floor apartment building is now planned for that amalgamation.
Pace Development Group has held a major Gore St, Fitzroy, development site too, since outlaying c$20m in 2019.
In a show of how fast land values have moved – it paid a rate of $8216 per sqm.
Neometro by comparison is outlaying $10,350.
Urban, meanwhile, is seeking to replace the outgoing Aesop headquarters at 25 Smith St, on the north west corner of Little Victoria, in the suburb, with an eight level complex containing 23 dwellings.
Zoning encourages significant density: agent
Mr James said 450 Gore St falls within the Fitzroy East and Johnston Street North planning precincts – which promote significant development and density.
“Developers looked past inflationary pressures and growing construction costs, recognising this was an unrivalled opportunity to deliver a project in the heart of one of Australia’s most livable locations,” he added.
“We’ve seen prudent, highly-qualified developers compete strongly for the few recent offerings in the area and, as expected, this was no different,” according to the executive.
Subscribe to our newsletter at the bottom of this page.
