Fitzroy's Alcaston Gallery sold for $5.1 million

A heritage investment neighbouring St Vincent’s hospital has successfully transacted for $5,100,000 to a local developer in Melbourne’s city fringe. 

The property located at 11 Brunswick Street, Fitzroy, borders St Vincent’s Hospital – which is set to undergo a $60 million redevelopment – and was transacted by CBRE’s Healthcare & Social Infrastructure and City Sales & Development Sites teams. 

Being offered with vacant possession, the site is currently occupied by Alcaston Gallery – one of Melbourne’s leading contemporary art galleries. 

CBRE’s Josh Twelftree, David Minty, Jimmy Tat, Sandro Peluso and Dylan Kylner steered thecampaign, which garnered interest and multiple offers from both developers and healthcare owner-occupiers. 

“11 Brunswick Street attracted significant interest from a range of buyer profiles, however, most notable were owner-occupiers in the healthcare sector and residential developers,” said Mr Twelftree. 

“Given the 11-level redevelopment of St Vincent’s, the property offers strong incentive for ancillary usages.” 

Mr Minty added that the property was one of the most attractive in the CBD, featuring a standout heritage façade. 

“Given the flexibility of the seven-level Development Approval behind the façade, the opportunity resonated with a variety of end users,” Mr Minty said.   

Established in 1989, the Gallery features a national and international exhibition schedule and represents contemporary artists from Australia and the Asia Pacific Region.