Final Stage of Younghusband Precinct Project Moves Ahead

The City of Melbourne's Future Melbourne Committee has provided its support for an application for the third and final stage of a significant mixed-use project in a blue-ribbon Melbourne suburb.

A vote to inform the minister of the Future Melbourne Committee's support for the project was carried unanimously at the recent committee meeting. 

Victorian planning minister Sonya Kilkenny will now decide the future of the stage of the Younghusband project led by Ivanhoé Cambridge, Irongate, and Built.

Woods Bagot designed the plans for the project including this stage, which comprises a six-storey building on the 3961sq m site of the Younghusband Wool Store at 1-7 Elizabeth Street and 2-12 Barrett Street in Kensington.

The third stage would have office space above retail tenancies on the ground floor and lower ground floor, plus two levels of basement parking

There will be a new publicly accessible private plaza as part of the development.

“I particularly like the thoughfulness throughout the project that has gone into the open spaces and the urban realm that is available to the public,” City of Melbourne lord mayor Sally Capp said at the Future Melbourne Committee meeting.  

It is expected to cost $70 million to develop, according to council records.

Irongate FM No 1 Pty Ltd is listed in the council records as the owner of the site. 

Impact Investment Group bought the 15,754sq m site in late 2016 for $30.25 million.

The first for the site is under construction while the second involves conservation works for the significant heritage Wool Stores buildings, and new contemporary buildings and extensions near the rear of the Tallow Store. The second stage is expected to cost $87 million.

▲ A render of the Woods Bagot design for the Younghusband Wool Stores site.

The council voted to notify the minister that it had no objections to the plans, provided certain conditions were adhered to.

These were that disability access compliant pathways were created for the plaza and a high-quality facade system was used.

Councillor Rohan Leppert noted that it was a high-quality application.

“It is exactly the kind of urban infill development that we want to see in the area,” Leppert said.