Carlton: Heritage-listed former tie factory featuring graffiti, terrace house could sell for $2.7m+

The warehouse shell at 85-89 Faraday St, Carlton, is in a former tie factory.

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.

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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.

The interior of 85-89 Faraday St, Carlton.

85-89 Faraday St, Carlton, is neighboured by the circa-1910 terrace house which is also for sale.

The five addresses on the market.

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.

The terrace house at 83 Faraday St, Carlton, is the oldest former factory property which is being sold.

Inside the three-bedroom home, which recently had a new roof installed.

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”.

8-18 Little Barkly St, Carlton, could be transformed into one, two or four new homes, depending on planning approval.

85-89 Faraday St has dual and rear access from Little Barkly St.

“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.

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