Piccolo plan another luxury Fitzroy apartment development

Architects Woods Bagot have been commissioned by award-winning boutique developer Piccolo to design its next Fitzroy apartment project.

Piccolo has secured a 2,000 sqm site.

It secured three properties including the suburb’s Australia Post site and two neighbouring properties.

The hotly contested offering was managed by JLL, which took 210 enquiries and attracted 31 bids.

Piccolo secured the 1,192 square metre Australia Post distribution centre at 371-385 Gore Street  for $14 million, and also negotiated with two neighbours on Argyle Street to expand the landholding to 2,000 square metres.

Piccolo expects its luxury apartment complex will have an estimated value of $120 million.

It is likely to have 50 apartments.

“We truly believe in the strength of the Fitzroy market and we have come to deeply understand what local buyers are looking for in this area," Piccolo director Michael Piccolo said.

He advised its success with nearby apartment project Fitzroy House had given Piccolo the confidence to "move aggressively to secure the rare opportunity against stiff local and interstate competition."

Piccolo’s latest project Fitzroy House, at 71-75 Argyle Street, has sold out ahead of its completion later this year.

The $50 million Fitzroy House project in nearby Argyle Street is a seven storey building with 34 apartments.

Piccolo bought the 1000 sq m site in 2016 from Australian Volunteers Abroad for $7.8 million.

The $50 million project retains the heritage 19th century brick facade of the historic Iron and Piper boot factory.