VACCHO buy amalgamation of Collingwood properties
The Victorian Aboriginal Community Controlled Health Organisation, or VACCHO, has expanded its footprint in a prime section of Collingwood, off the Smith Street retail strip.
The not for profit health and wellbeing advocate has paid c$16.5 million for warehouse converted shops on six adjoining sites covering 2171 square metres between 34-50 Sackville Street.
Five were offered in one-line last year.
All are tenanted to separate businesses.
VACCHO intends to retain them as investments for the medium-term.
The group owns its headquarters diagonally adjacent – a 938 sqm property covering 17-23 Sackville St, which set it back $4.45m in mid-2011.
Development upside
With the acquisition, of 34-50 Sackville St, VACCHO has the opportunity to develop an essential services and commercial hub in the section between Smith and Budd.
“While [we] currently have no firm plans in relation to Sackville St, any future developments would be in line with our charter as a not for profit, community minded organisation, for instance, public or social housing, co-working facilities, Aboriginal gathering spaces and spaces that are culturally safe,” a company representative said (story continues below).
Offices for First Nations organisations and community spaces are also potential longer term development outcomes, he added.
“VACCHO secured the loans for the purchase with a long term vision of change making and advocacy for Aboriginal health outcomes,” according to the spokesman.
“It hasn’t been an easy time for the non-government, health sector over the course of the pandemic, so it has been pleasing that VACCHO has been able to ensure a level of self determination and financial security through this property acquisition”.
Elsewhere in Collingwood this month, CANVA moved into a warehouse converted office at 30 Rupert St vacated by Lululemon, which relocated to a co-work space at 88 Langridge St.
“This particular precinct of Collingwood has undergone rapid change,” Stonebridge’s Max Warren, who is marketing another property on the road, a 688 sqm double storey office warehouse on 511 sqm at 45-49 Sackville St, with Dylan Kilner and Shawn Luo.
“The addition of office towers, supermarkets and further luxury development…will only enhance the precinct,” he added.
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