Monster sale in North Melbourne
A HISTORIC New York style loft in Munster Terrace North Melbourne has sold to a private investor for $3.8 million.
ICR Property Group’s Raff De Luise and Colliers International’s Jeremy Gruzewski negotiated the sale of the property at 27-31 Munster Terrace, North Melbourne.
The building is situated on seven separate titles including one for the air rights and has a building area of 2,447 sqm.
ICR’s managing director Raff De Luise said the former industrial facility boasts a very unique history.
“Previously known as McWilliams Distillery, this family owned business had a long history of excellence in winemaking that stretched back to the earliest days of the Australian wine industry. Since 1877, when founder Samuel McWilliam first planted vines on the banks of the Murray River in New South Wales, the McWilliam family have produced six consecutive generations of winemaker.
“Today, the facility has been transformed into a funky New York style loft with five levels of office space.
“North Melbourne is undergoing significant gentrification and accordingly offers significant redevelopment potential subject to proposed council approval,” De Luise concluded.
By Liz Jordan
Property Review Australia – 17th March 2015