The iconic warehouse located at 35-45 Lithgow St in Abbotsford, previously the home of Schweppes’ beverages, is now on the market, presenting an exciting opportunity for redevelopment. Although there were initial expectations for the property to sell for up to $20 million, it is still anticipated to be a highly valuable investment.
Constructed in 1886 by Jacob Schweppe, the warehouse served as the central hub for the cordial empire for several decades. While Schweppes, known for manufacturing renowned brands such as Pepsi, Sunkist, and Gatorade, has since relocated to Tullamarine, the historic significance of the site remains intact.
For the past 50 years, the premises have been occupied by the James Richardson Group, renowned for its furniture and JR Duty Free divisions. However, James Aldred, the firm’s manager of property, believes that the future of the warehouse lies in redevelopment. Aldred expressed the need for a new owner who can “realize the property’s full potential.”
While the chimney stack and facade of the building are protected due to their heritage value, the absence of original Schweppes signage opens up the possibility for substantial development, potentially transforming the site into a residential or apartment complex.
The prime location of the warehouse in Abbotsford has attracted the attention of JLL and Teska Carson, the agencies responsible for handling the sale. According to JRR’s Josh Rutman, there is already significant interest from various groups considering the property for short-term use as hospitality or office space. However, the long-term vision for the site leans more towards residential development.
Abbotsford, surrounded by affluent suburbs like Kew and Collingwood, is experiencing a wave of gentrification, making it an appealing investment prospect. Rutman suggests that high-profile Melburnians may be inclined to acquire a property of this caliber in the vicinity.
The expected sale price is estimated to be between $16 million and $20 million. With the potential for obtaining permits within 18-20 months, the warehouse presents an enticing opportunity for developers. The housing shortage in Melbourne is also expected to generate strong interest in the residential units at the site.
Located near the Yarra Trail, popular eateries, shopping spots, and transport options, the warehouse offers convenience and accessibility. The property’s expressions of interest close on March 8, inviting prospective buyers to seize the chance to create something truly exceptional.
In conclusion, the historic Schweppes warehouse in Abbotsford is poised for a new chapter in its existence. As redevelopment beckons, this iconic site holds enormous potential for transformation into a vibrant Melbourne destination and a prized development opportunity.
An FAQ section based on the main topics and information presented in the article:
1. What is the address of the warehouse in Abbotsford?
The warehouse is located at 35-45 Lithgow St, Abbotsford.
2. What was the original purpose of the warehouse?
The warehouse was initially built in 1886 as the central hub for Schweppes’ beverages.
3. What brands did Schweppes manufacture?
Schweppes was known for manufacturing brands such as Pepsi, Sunkist, and Gatorade.
4. Who currently occupies the premises?
For the past 50 years, the James Richardson Group has occupied the warehouse.
5. Is the warehouse open for redevelopment?
Yes, the future of the warehouse is expected to be in redevelopment, according to James Aldred, the manager of property at James Richardson Group.
6. What are the potential development options for the site?
The absence of original Schweppes signage opens up the possibility for substantial development, potentially transforming the site into a residential or apartment complex.
7. Who is handling the sale of the warehouse?
The sale of the warehouse is being handled by JLL and Teska Carson, agencies responsible for the property.
8. What is the expected sale price for the warehouse?
The expected sale price is estimated to be between $16 million and $20 million.
9. What is the timeline for obtaining permits for redevelopment?
Permits for redevelopment could potentially be obtained within 18-20 months.
10. What is the location advantage of the warehouse?
The warehouse is located in Abbotsford, surrounded by affluent suburbs like Kew and Collingwood. It is near popular eateries, shopping spots, transport options, and the Yarra Trail.
11. When does the expressions of interest for the property close?
The expressions of interest for the property close on March 8.
– Cordial empire: Refers to Schweppes’ business in manufacturing and distributing beverages.
– Gentrification: The process of renovating and improving a neighborhood, often resulting in increased property values and the displacement of lower-income residents.