Carlton: Heritage-listed former tie factory featuring graffiti, terrace house could sell for $2.7m+
A historic Carlton warehouse shell featuring graffitied interiors that has seen better days is for sale with a $2.7m-$2.9m asking range.
With 340sq m of floor space, the building at 85-89 Faraday St is part of a larger site that was developed into a watch case factory by businessman George Tilley in 1941.
After making products for the likes of Rolex, the location became home to Austico Tie Company, now Austico Apparel, which manufactured ties and men’s accessories.
A total of four residential-zoned warehouse shells and a 1910-era terrace house from the former Austico site have all been listed for individual sale for the first time in more than 38 years.
The house at 83 Faraday St, which has a $1.75m-$1.85m price guide, has seven rooms with high ceilings and a recently-installed roof.
Other offerings include a 379sq m red-brick warehouse at 8-18 Little Barkly St, boasting a sawtooth roof and four separate titles, priced at $3.7m-$3.9m.
Smaller in scale is 91-93 Faraday St, measuring 157sq with a $1.75m-$1.85m price tag.
The most compact is 14 Carlow Place at just 83sq m which is also most affordable with a
$900,000-$950,000 asking range.
Some of the warehouse shells have the potential to be created into larger homes, subject to planning approval.
Belle Property’s Scott McElroy and Charles Bongiovanni have the listings alongside
Killen Thomas’ John Camilleri.
Mr McElroy said Carlton-based property development and investment business Banko Group
was selling the properties which cannot be demolished due to City of Melbourne heritage overlays.
“Trying to find a warehouse shell on a nice residential street tends to be very hard,” Mr McElroy said.
“I think this is the most unique residential shell opportunity to ever be available in Carlton particularly in a prime location like this close to Lygon St, the Carlton Gardens and public transport.”
He described the warehouse shells as “very unique” and “an architect’s dream”.
“It’s like a total black canvas, basically you’re buying a block of land with four walls,” he added.
Mr McElroy said he anticipated individual buyers would purchase each of the properties to create their dream homes although 8-18 Little Barkly St could potentially be developed into two to four residences.
“Even buying an unrenovated Victorian terrace in this area, you would be looking at $1.5m-$2m as a starting price for a decent-sized one,” he said.
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.