Despite uncertainty in Melbourne’s residential market, Carlton-based developer Piccolo has revealed plans for its latest development, confident there is strong demand for premium quality projects.
Its latest endeavour, Fitzroy House, located on Argyle Street, will retain and build upon the historic Iron and Piper boot factory, which has stood in Fitzroy since the late 19th century.
The 1,000sq m site, purchased by Piccolo for $7.8 million, has approval for 34 apartments and commercial space at the ground level.
Led by mother-and-son duo Mima and Michael Piccolo, the developer, operating for over fifty years in Melbourne's inner suburbs, has delivered a vast portfolio of premium quality boutique projects.
Piccolo, known for its projects in the Carlton area, where it has seven medium-density residential developments, has since expanded to bayside with Elwood House which was shortlisted for 12 major industry awards.
The developer, which has a $250 million development pipeline, has pressed forward with Fitzroy House, appointing a builder ahead of pre-sales.
Michael's parents Mima and Martin Piccolo, founded the construction and development company in the early 1970s, with their start in Essendon and Carlton building single houses.
“I learnt a lot from working with my parents and came to appreciate their considered attention to detail and how they approached each project with passion and commitment, always with the resident front of mind,” Piccolo director Michael Piccolo told The Urban Developer.
“This is something I’ve carried on in the business and no matter how many projects we complete or awards we win, it will always be a family-run business that puts buyers first.”
The heritage-rich Fitzroy House development will now look preserve and revitalise the century old factory with new apartment finished with quality fixtures and design features.
Drawn to the complexity and community-sensitive project, the developer sounded out the corner block site for its position in the heart of Fitzroy and the suburbs vibrant culture.
“The iconic heritage façade and arched windows drew me in immediately and add instant character and depth to the site that is hard to come by,” Piccolo said.
“The design will be showcased as we retain as much of the building as possible, keeping the ground floor for commercial office space that will enjoy the soaring ceilings and bluestone window sills.”
The interiors, designed by Hecker Guthrie, will include standalone bathtubs in all two and three-bedroom apartments, along with a marble double vanity and in-built storage.
Kitchens will enjoy marble splash backs and Gaggenau appliances, while oak timber floor boards will feature throughout the living area. Each residence will also have a private terrace and at least one carpark.
One-bedroom apartments at Fitzroy House are anticipated to start at $620,000, two-bedrooms at $930,000 and three-bedroom apartments at $1.875m.
Piccolo, known for its “one project at a time” approach and a philosophy of quality over quantity, have not discounted the possibility of a multipronged approach as the business scales.
“Our company has continued to grow over the past 50 years and I believe the key to that growth and success is our attention to detail and the personal touch we bring to each developments,” Piccolo said.
“As we continue to expand the business we will start to work on multiple projects as we’ve now built an amazing team at Piccolo who understand the company’s core values.”
For the foreseeable future Piccolo will continue to focus on projects and opportunities in Melbourne's inner suburbs with no plans indicated for interstate expansion.
“Melbourne is our home and we are committed to adding to its unique culture through the built environment.”