Melbourne-based syndicator Impact Investment Group has been given the green light to develop the first stage of its Younghusband precinct in Kensington, in Melbourne’s inner west.
The Liberman family-backed group will redevelop the heritage site into a commercial precinct with co-working spaces, “co-warehousing and creative spaces for artisans”.
The site houses two 19th century brick buildings, with two neighbouring properties, dating back to 1906.
IIG purchased the Younghusband buildings in December 2016 for $30.25 million on a 1.5-hectare parcel of land. The buildings were leased to a range of tenants including Fox Creative Spaces, on a 5 per cent yield, with approximately 30,000 square meters of lettable area.
Stage 1 is the first of three stages and includes more than 17,000 square metres of commercial space. The redevelopment includes the rejuvenation of the iconic heritage red-brick woolstore and the adaptive reuse of services, offices, shops, studios and suites.
IIG engaged Woods Bagot to create a master plan for developing the site into a major hub of commercial, creative and entrepreneurial activity, targeting an energy and water neutral site.
Leasing of the first stage has commenced and IIG will also work towards retaining the diverse mix of existing tenants where possible.
IIG hired the planners who worked on the masterplan for the City of Melbourne's Arden Macauley precinct for its own masterplan – the project is less than 1km from the planned Arden metro station.
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IIG has more than $730 million in assets under management.