Impact Investment Group is entering the next stage of the Younghusband Woolstore development following its approval at the Future Melbourne Committee meeting.
The project, at 2-50 Elizabeth Street, Kensington, north-west of Melbourne’s CBD, will convert sawtooth-roofed, red-brick warehouses built in 1906 into office space.
The City of Melbourne approved stage two of the project, subject to conditions, within the Arden-Macaulay area, next to the Allied Mills silos and Craigieburn train line.
Stage two included the “silo-inspired” design of an eight-storey building, a modern addition to the woolstore to take it to six-storeys and the creation of two basement levels for 178 cars and 170 bicycles as well as a pedestrian thoroughfare.
This stage of the project is expected to cost $87 million.
Woods Bagot designed the plans, which call for developing a 3931sq m portion of the site including the partial demolition of the Tallow Store and complete demolition of a 1950s building.
The plans create 14,660sq m of office space, 353sq m of retail, 489sq m of food and drink premises as well as 504sq m of manufacturing sales.
IIG purchased the 15,754sq m site in late 2016 for $30.25 million and gained approval for stage one of the Younghusband Woolstore project in 2018. Construction began in 2020.
There are six stages to the project, creating a target net leasable area of more than 50,000sq m with a focus on sustainability.
The next stage, at 2-12 Barnett Street, will be turned into a temporary carpark and storage area to support stage one and two until it is turned into a public park, childcare, education and office space.
Kensington is undergoing rapid redevelopment, transforming the region including offices and build-to-rent mid-rise projects.
