Owner occupiers set to flock to Fitzroy

21 February 2022

The opportunity to acquire a flagship Fitzroy building on one of the city fringe’s busiest corners is expected to generate a buzz among buyers from all walks of life.

Colliers’ Anthony Kirwan, Tom Isaksson, Alex Browne and Leon Ma have been appointed to sell 49 Brunswick Street in Fitzroy on behalf of a private family.

Agents expect the high profile, three-level corner freehold to attract interest in excess of $5million with its flexible future use and prime position.

“This is a dominant freehold on Fitzroy’s most prominent corner, Brunswick Street and Gertrude Street,” Mr Kirwan said. “The stunning Victorian heritage building offers maximum versatility to a variety of uses including office, hospitality, medical, residential or mixed use.

“We expect the flexibility of the offering will appeal to a wide range of potential purchasers, but particularly owner occupiers.

“There’s a huge weight of savy capital in the market that can see past the rough two years we’ve had and those buyers are keen to capitalise on the record low interest rate environment. There is a distinct trend towards owner occupier acquisitions in the current market, and in this location we are anticipating there will be buyers across a range of different sectors.”

Designed by architect Charles Laing in 1854, 49 Brunswick Street was formally utilised as a workplace for professors and doctors from Melbourne University in the late 19th century. The impressive three-level, triple-fronted freestanding building is underpinned by 218sqm of land located just 1.8km from the Melbourne CBD.

The building comprises ground floor retail fronting Gertrude Street and office accommodation on the ground floor, Level 1 and 2. The third floor features an outstanding apartment accessible via a rear stairwell.

“The property is offered for sale with vacant possession, with flexibility to suit corporate and family offices, powerhouse hospitality, medical, residential and mixed uses,” Mr Isaksson said. “There is immediate potential to add-value, reconfigure or reposition. The building is currently configured to accommodate multiple tenancies and would be well suited to other income maximisation and diversification strategies.

“Fitzroy is a gentrified inner-city enclave renowned for alfresco-style dining, contemporary art, live music, sought after real estate and shopping. It is also home to major healthcare and education hubs such as St Vincent’s Hospital and Australian Catholic University.”

The property is surrounded by public transport and close to Carlton Gardens, Melbourne Museum and Melbourne’s finest cafes, bars and restaurants.