Residential Conversion

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A former Collingwood pub sold after weekend post-auction negotiations.
The Carters Arms pub, at 31 Gold Street, fetched $2.12 million.
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It was offered as a three-bedroom home with an off-street car park.
It had been recently renovated by Workshop Architecture.
It sold through Nelson Alexander agent Alexander Hill to a local family.
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Former Collingwood pub The Carters Arms sold after residential conversion 

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Dramatically changing property markets have seen a new breed of commercial building chameleons across Melbourne, with plans to turn offices into apartments being abandoned in favor of returning to office space.
According to CBRE national director of investments Mark Wizel, while the long term prospects for large scale residential projects remain positive, Melbourne’s booming office market has made office development the compelling shorter term alternative.
"Residential is in a cyclic downturn but make no mistake it will recover as Melbourne’s population continues to outpace the rest of Australia’s capitals, however currently the case for office development is extremely good with solid rental growth, reducing incentives, and vacancy, at 3.6 per cent, at its lowest point in a decade," Wizel said.
"We are also talking about delivering new office stock into not only Australia’s fastest growing city but also the best performing economy nationally.
"That augurs well for continued growth in the market as the economy drives jobs growth and increasing demand for office space,’’ Wizel said.
According to the latest ABS data, Victoria’s annual growth in trend employment stood at 2.6 per cent with 30.5 per cent of the 20,300 average monthly increase in employed full-time persons nationally over the past 25 months. At September the unemployment rate stood at 4.5 per cent, the lowest rate in seven years. 
Wizel said Melbourne’s cheaper office rents, more affordable housing and generally lower cost of living, was also attracting office tenants away from the Sydney market. 
"The attraction to set up in Melbourne has always been there but there is no doubt that Sydney’s eye-watering cost of housing, in particular, is arguably having a greater impact than has hitherto been the case.   
"As a consequence of a number factors the demand for office development sites in the last couple of months has been off the charts and, with the current shortage of available sites, land values are really under pressure especially for well-located sites where a reasonable size floor plate can be achieved,’’ Wizel added.
He said he expected the office development site market to continue to tighten into the new year as work began and continued on some of the biggest infrastructure projects in Victoria’s history including the $16 billion North East Link and the $11 billion Metro Tunnel projects.
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Offices to apartments back to offices: The changing property landscape in Melbourne

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When mixed-media artist James Powditch and his wife, graphic designer Diane Adair bought their Annandale home, it was just an empty shell of a warehouse.
Now its being marketed as one of the best warehouse residences in Sydney. The listing photos show the couple's collection of industrial and vintage furniture and contemporary art.
BresicWhitney agent Chris Nunn has a $3.5 million price guide for a June 24 auction.
Initially the 320 sqm building had only windows and a roller door facing the street when the couple paid $1.05 million before its conversion in 2010.
With the help of architect friends, Powditch designed the home which included the addition of a second story mezzanine level and an internal courtyard.
Offering 500 sqm of internal living space, the modern home features exposed concrete walls, original steel and blonde timber.
It has five bedrooms.
Powditch said the building reflects his aesthetic through a sense of logical order, raw materials, reuse and layering.
Annandale's last sizeable warehouse sale was when the former chief executive of Tourism Australia, John Morse, secured $1.2 million.
Set on a 241-square-metre Nelson Street block, <a href="https://www.bresicwhitney.com.au/real-estate/id/property/10592/annandale/15-nelson-street/?searchsubtype=address&amp;searchType=sale" target="_blank">the converted warehouse</a> had been bought for $981,000 in 2009 and then re-roofed.
The property previously traded at $850,000 in 2005 and $352,000 in 1997. 
This article first appeared in the Sunday Telegraph.
 
 
 
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