Younghusband Wool Store’s dramatic $50m transformation
Impact Investment Group is pushing ahead with a $50 million redevelopment of a former warehouse in Melbourne’s inner west after receiving planning approval for its first stage.
The Younghusband Wool Store is set to include 40,000sqm of office and retail space in total, with stage one approval for 17,000sqm.
Impact Investment Group head of funds management for real estate Darren Brusnahan hopes to create a new precinct featuring tenants from a range of industries, with nearby existing and planned railway stations.
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Government tenants, corporations, co-working operators, artisans and online retailers would be an ideal fit for the site, as well as “destination” food and beverage offerings, Brusnahan said.
“The marketplace is talking about Cremorne and what it’s doing for the technology sector,” Brusnahan says.
“We’d love Kensington to be a precinct in the same way.”
The deep green developer plans sustainability features such as a solar system, smart LED lighting, rainwater reuse, double-glazed windows and a zero waste strategy. It has appointed Woods Bagot as architect.
This article originally appeared on www.theaustralian.com.au/property.
