Developer Flagship Property Group has submitted a proposal to the City of Yarra for a $30 million multi-storey residential development, set to “redefine medium density living”.
Flagship, of which fund manager Plenary Group is a major shareholder, paid $9.25 million for the ex-tobacco factory at 195 Lennox Street, Richmond in 2016.
The proposal consists of two structures, including a five-storey residential building on the Lennox Street interface, and a 12-storey building to the rear – the buildings will house 28 dwellings comprising a mix of one, two and three bedroom apartments.
The 1,484sq m site is currently occupied by a collection of buildings including a two-storey Victorian-era mansion and the former “Tas Pickett Pty Ltd” tobacco factory complex. The developer has outlined its intention to retain and restore the Victorian mansion. Flagship has appointed architect Woods Bagot to design the project.
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Woods Bagot outlined its proposal in the development application as “seeking to redefine medium-density living as a sanctuary of individually-expressed homes”.
"Richmond is a prime example of an older inner city suburb that is undergoing constant evolution and growth,” the architects said.
"At 195 Lennox Street we intend to 'reveal the old' by embracing and re-presenting views to the existing Victorian building on the site. We see this project as an opportunity in Richmond to redefine medium density living as a sanctuary of individually expressed homes."Architect Woods Bagot
195 Lennox Street is situated within the City of Yarra, two kilometres east of the Melbourne's CBD. The site is centrally located within the heart of Richmond, forming part of the Bridge Road Major Activity Centre.
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Richmond was one of the first suburbs in Melbourne to establish municipal government, and known for its well-preserved Victorian and Edwardian houses. The suburb is still home to light-industrial and manufacturing industries.
Prior to Flagship’s acquisition of 195 Lennox Street, the property changed hands for $4.1 million in 2013, when local developer Adam Wulff bought the property in collaboration with Paul Hayward of Carta Group.