Wyndham City Council is the new owner of Werribee’s landmark Picture Palais building.
Fitzroys’ Chris Kombi and Ervin Niyaz sold 15-19 Station Place for $4.4 million through an Expressions of Interest campaign, with the sale price reflecting a tight 4% yield.
“This was an incredibly rare chance to own a piece of Werribee’s history. We received multiple offers during the successful Expressions of Interest campaign, with interest coming from a range of investors” Kombi said.
“Wyndham City ultimately thought it would be fantastic for the area and the community to have this slice of local history in Council’s hands. This will ensure the legacy of a Werribee landmark will be preserved for the long-term.
“The Picture Palais played a huge role in the cultural life of Werribee as it transformed from a rural township into a major suburb and commercial centre of Melbourne’s south west.”
Wyndham City has invested heavily in the Werribee City Centre, including a $13 million redevelopment of Wyndham Park, reactivation of the Bridge Hotel and the Hunter Werribee building with Holiday Inn, offices, shops and public parking.
“Currently occupied by ASX-listed Cash Converters, the asset also gives the Council a secure income stream from a high-quality tenant,” Kombi said.
The circa-1928 two-level 1,000sqm Picture Palais building is on a generously proportioned 813sqm site with a commanding 21.34m frontage and Activity Centre zoning, located in the heart of the Werribee commercial centre. It’s also immediately adjacent to the Werribee train station entrance and with a large Council car park at the rear.
Fitzroys acted on behalf of the Carter family, historically successful poultry farmers with a long and storied history in Werribee dating back to 1879. Several notable buildings have been constructed by and for the family in the area, including Villa Franca and Roland Carter House.
“The interest in campaign clearly reflected that Werribee is now the commercial and cultural centre of Wyndham, having developed a retail, office and lifestyle offering that draws and services residents, workers and students locally and from the surrounding suburbs,” Kombi said.
“Werribee is currently undergoing a period of revitalisation and development as both it and Wyndham experience unprecedented population growth.”
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