Multi-level development touted as Newtown mill listed for sale
Prized: 275-279 Latrobe Blvd, Newtown, is selling for the first time since 1988.
A historic former textile mill on the Barwon River’s north bank at Newtown is a new target for redevelopment after it was listed for sale for the first time in 35 years.
The freehold property at 512-560 Latrobe Blvd, Newtown began as the Union Flour Mill before being converted to Allied Woollen Mills around 1869.
The warehouse next to James Harrison Bridge has been home to Pegasus Antiques since 1988.
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Prized: 275-279 Latrobe Blvd, Newtown, is selling for the first time since 1988.
New owners could chart the future within the red brick walls of the building, which is expected to attract interest circa $10m.
Colliers, Geelong agent Chris Nanni is pitching the 3673sq m mixed use zoned property as a potential development or refurbishment site, presenting an opportunity for multi-level residential or commercial development, taking advantage of the uninterrupted views, increased demand for regional living and a flourishing tourism economy.
“The asset presents a significant development opportunity, supported by government-funded projects and Commonwealth Games, located on the outskirts of the second-fastest growing population in the country,” he said.
Prized: 275-279 Latrobe Blvd, Newtown, is selling for the first time since 1988.
Prized: 275-279 Latrobe Blvd, Newtown, is selling for the first time since 1988.
“It might replicate something like what’s been achieved at 400 Pakington St, funky new-age offices in those old-style industrial buildings.”
Alternatively, Mr Nanni said a four or five-storey residential complex could be built within the existing building, with some retail and parking at street level.
Mr Nanni said owners had maintained the building over the years, including replacing the roof, but much of its original character remains intact, such as timber trusses.
The expressions of interest campaign will close April 4.
Prized: 275-279 Latrobe Blvd, Newtown, is selling for the first time since 1988.
Prized: 275-279 Latrobe Blvd, Newtown, is selling for the first time since 1988.
The north bank of the Barwon River has become a development hot spot, with plans to build 57 apartments, 17 townhouses and a hospitality venue, on a neighbouring riverbank site rejected last December.
The Advertiser understand new plans for 23 townhouses, 57 apartments, café, pool and gym are well advanced after the initial $21m residential precinct was rejected by the Victorian Civil and Administrative Tribunal in 2022, citing unresolved and unacceptable issues with vehicle, pedestrian and bicycle access and movement within the site, and on-site and off-street parking, heritage concerns and the impact of neighbouring National Trust mansion, Barwon Grange.
Mr Nanni said the Barwon River location could be the best waterfront area outside of Western Beach Rd, given its proximity to Pakington St, Newtown schools, GMHBA Stadium and West Fyans St.
Prized: 275-279 Latrobe Blvd, Newtown, is selling for the first time since 1988.
“I think the location of this spot is second to Western Beach Rd overlooking the bay,” he said
Meanwhile, negotiations are continuing with several parties after a nearby 1763sq m parcel was passed in for $2m at an auction last week.
Darcy Jarman agent Tim Darcy said the property at 36 Boswell Ave, Newtown, offered commercial and residential redevelopment potential with an uninterrupted riverfront vista, plus a view to Barwon Grange to the east.
“You will never be developed out in relation to what ultimately might be developed in that precinct, given that it’s got a zoning for mixed use.
“It’s got commercial and residential redevelopment potential and it’s also got scope for someone to reposition for their occupation.”
Paul, Rex and Jason Gorell held the highest bid after opening the auction for $1.8m.
